JOHANNESBURG (miningweekly.com) – Triple-listed platinum miner Atlatsa Resources has widened its loss for the three months to March 31 to C$16.79-million, compared with a loss of C$12.82-million in the March 2014 quarter.

Revenue decreased by 2.8% year-on-year to $52.3-million in the first quarter of the year, owing to a 6.5% decrease in the average South African rand platinum group metals basket price of R11 569.

The miner’s cash operating costs for the first quarter of the year increased by 8.4% year-on-year, largely owing to a 10.8% increase in labour costs as a result of yearly wage increases and an increase in production bonus payments during the period.

Paired with increasing utility costs, more pressure was placed on the miner’s bottom line, with a 10.6% year-on-year increase in utility costs and a 12.7% increase in electricity tariffs.

Meanwhile, the company said tonnes milled at its flagship Bokoni mine decreased by 4.4% year-on-year to 372 896 t, resulting in flat production of 42 875 oz, compared with the 42 820 oz produced in the March 2014 quarter.

The lower output was as a result of safety stoppages at the mine, frequent cuts in electricity supply, as well as lower production from the Klipfontein opencast mine.

Total capital expenditure (capex) for the first quarter was C$3.8-million, compared with C$11.2-million in the first quarter of 2014, comprising 23% sustaining capital and 77% project expansion capital associated with the two key ramp-up shaft operations.

The decrease in capex is as a result of a strategic decision by management to reduce costs.

The company continued to improve its cash generating ability, with operating activities generating cash of C$900 000 in the quarter under review, compared with the C$27.1-million used by operations in the first quarter of 2014.

“Mine management will continue to focus on various initiatives to improve operational efficiencies, disciplined capital allocation and cost management, without compromising the Bokoni mine’s existing ramp-up plan,” the company said in a statement.