JOHANNESBURG (miningweekly.com) – Although it recorded a loss of R600 000 for the six months ended December 31, JSE-listed Bauba Platinum has successfully completed a number of milestones that will provide it with a strong platform to meet its growth ambitions in future.
In the six months to December, the company’s operating expenditure increased, but its administrative costs decreased.
“During the period under review, we saw our operating expenditure increase owing to the start of chrome mining operations at Moeijelijk, while administrative costs decreased owing to continued efforts to manage costs.
“The operating costs are, however, indicative of the fact that we have now successfully concluded the acquisition of our strategic chrome assets and we believe that the successful commencement of operations, together with strong cash flow prospects, will allow Bauba to take advantage of exciting growth opportunities going forward,” CEO Syd Caddy said in a statement.
Further, the receipt of the small-scale mining permit from the Department of Mineral Resources and the general authorisation for water use issued by the Department of Water and Sanitation, paved the way for a potential steady cash flow stream, which placed the group in a secure position to satisfy most of its financial requirements to advance its projects for the foreseeable future.
Meanwhile, Bauba’s headline earnings remained constant at R3.7-million in the six months under review, compared with that of the corresponding period in the previous year.
Cash on hand increased by R4.7-million, which positioned the company suitably in terms of funding its future growth projects.