TORONTO (miningweekly.com) – TSX-, Aim- and JSE-listed Eastern Platinum reported a net loss of $1-million for the fourth quarter of 2009, compared with a $233-million net loss a year earlier, when the company recorded a big impairment on a project.

Eastplats produced 34 000 PGM oz during the quarter from its Crocodile River mine (CRM) in South Africa, which was a 17% improvement compared with the same period in 2008.

The company realised an average basket price per PGM ounce of $860, 56% higher than the $550/oz received a year earlier, and rand operating cash costs net of by-product credits were R4 661/oz, down 19% compared with the fourth quarter of 2008.

Eastplats ended the year with cash, cash equivalents and short-term investments of $21,66-million.

"We are pleased to end the year strongly, with record quarterly production after a challenging third quarter that was disrupted by industrywide labour action,” CEO Ian Rozier said in a statement.

“Despite this disruption, all aspects of our mining operations at CRM improved in 2009 compared to 2008, with increased production, increased recoveries, and operating cash costs down by 16%.”

The company also announced in January it had restarted the mine development of the Crocette section of CRM, which had been suspended in 2008.

“With the addition of new ounces from the Crocette section within the next twelve months, our growth plans for CRM to be a 200 000 oz/y producer are back on track,” Rozier commented.

The company is also looking at options to develop its projects on the eastern limb of the Bushveld Complex, to “significantly” improve its growth profile, he said.

Shares in Eastplats rose 2,05% on Wednesday, to C$1,49 apiece by 12:08 in Toronto.

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