https://www.miningweekly.com

Sylvania lifts FY profit amid another year of record production

21st August 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Platinum group metals (PGMs) processor Sylvania Platinum has posted a net profit of $8.87-million for the year ended June 30, compared with a profit of $3.73-million in the 2016 financial year.

The company’s Sylvania Dump Operations (SDO) had achieved a fourth consecutive year of record production, at 70 869 oz, for the 2017 financial year – a 17% increase on the 60 643 oz produced in the 2016 financial year.

“We managed to improve on our previous company record and I am excited for future production, once Project Echo is complete, and the possible further expansion through the Phoenix acquisition,” commented Sylvania CEO Terry McConnachie.

Sylvania in July bought Phoenix Platinum from Pan African Resources for R89-million, a move that is expected to strengthen Sylvania’s position in tailings retreatment.

It is also investing about $12-million on Project Echo, which is aimed at improving PGM recovery efficiencies, lowering PGM production units costs, increasing cash generation and enabling SDO to extend its operating life and to sustain its production profile at about 70 000 oz/y going forward.

The project entails moving from single stream milling and flotation circuits at the Millsell, Doornbosch, Tweefontein, Mooinooi Dump and Mooinooi Run-of-Mine operations to primary and secondary milling and flotation (MF2) circuits over a two- to three-year period.

By June 30, Sylvania had already spent $2.2-million on the Millsell and Doornbosch MF2 modules.

“Based on current resources, plant infrastructure and operational performance, we should see similar production performance in the 2018 [financial year] and, with the roll-out of Project Echo, the company should be able to maintain production levels of around 70 000 oz of PGMs for many years,” said McConnachie.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest Multimedia

Photo of Martin Creamer
On-The-Air (26/04/2024)
Updated 1 hour 49 minutes ago By: Martin Creamer

Latest News

Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Showroom

Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.153 0.186s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: