Sylvania achieves second-highest production quarter
Aim-listed Sylvania Platinum started off its new financial year with earnings before interest, taxes, depreciation and amortisation of $7.1-million for the quarter ended September 30.
This came on the back of the production of 19 137 platinum, palladium, rhodium and gold (4E) ounces.
Sylvania CEO Terry McConnachie said the quarter marked the company’s second-highest quarterly production.
However, some operational instability and teething issues at Doornbosch and Mooinooi, which have since been resolved, did have a negative impact on the company’s performance during the quarter.
McConnachie added that operational challenges experienced at Millsell after the commissioning of the Millsell secondary milling and flotation (MF2) model earlier this year resulted in some design changes and upgrades to flotation mechanisms, which will enable improved platinum group metal recoveries during the next quarter.
Meanwhile, the Project Echo MF2 module for Mooinooi is being fast-tracked to counter delays in the execution of the Tweefontein MF2 module.
The group expects to produce between 76 000 oz and 78 000 4E oz for the financial year.
The Lesedi chrome plant project, comprising the dismantling and relocation of the redundant Steelpoort chrome circuit, has started and is expected to be completed in the second half of the financial year.
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