30th Jan 2015 11:10
LONDON (Alliance News) - Sylvania Platinum Ltd saw revenue in its second quarter up 32% compared to the previous year, but down 11% on its first quarter due to lower production levels.
In the second quarter to end-December 2014 the company produced 14,701 ounces of platinum group metal, up 16% on the previous year's 12,673 ounces but down from 16,639 ounces in the first quarter. Gross Basket Price fell 1% to USD893 per ounce from USD904 per ounce in the first quarter.
The drop in production was due to the start up and commissioning of hydro-mining and the holiday shut down period in December. The company said that the change to hydro-mining will increase costs initially, but is forecast to reduce mining costs by up to 20% in the future, it said.
Sylvania had cash of USD7.8 million at the end of the quarter, up from USD6.8 million the previous quarter.
Shares in Sylvania are trading down 1.8% at 7.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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