JOHANNESBURG (miningweekly.com) – Platinum miner Atlatsa Resources achieved record quarterly performance in the three months ended September 30, narrowing its net loss by 96.4% year-on-year to C$560 000 from C$15.45-million in the quarter ended September 2013.
Atlatsa CEO Harold Motaung said this performance was driven by higher tonnages milled and platinum-group metals (PGMs) ounces produced, with 4E (platinum, palladium, gold and rhodium) PGM production having increased by 17.7% year-on-year to 54 025 oz.
“This operational achievement was further supported by the 14% increase in [the] average rand PGM basket price realised and the 8% depreciation of the South African rand against the US dollar during the quarter,” he said.
Meanwhile, Atlatsa’s loss for the nine months ended September 30, was also lower, at C$25.34-million, compared with the C$33.34-million loss incurred in the first nine months of the prior year.
Motaung further pointed out that, during the third quarter, Atlatsa was able to generate cash from its operations and significantly reduce its net loss, while still maintaining its Bokoni mine’s ramp-up profile at the two key underground development shafts.
The Bokoni mine increased its quarterly tonnages milled by 10% year-on-year to 479 378 t, as a result of improved mining performance, better operating efficiencies, improved mining flexibility and improved grade control, the company said.
Atlatsa added that Bokoni remained well positioned to achieve its 10% year-on-year targeted growth rate in PGM ounces produced for the 2014 financial year.
During the quarter under review, the company’s cash operating costs were 22% higher, owing to the higher production, combined with wage increases, increased store costs, a 38% increase in contractor charges as a result of increased production at the Klipfontein opencast mine, an 8% yearly increase in Eskom power utility charges and a 5% increase in sundries.
The company’s total capital expenditure for the third quarter was C$8-million, compared with C$12.5-million in the prior corresponding period.