JOHANNESBURG (miningweekly.com) – TSX- and JSE-listed Eastern Platinum (Eastplats) has narrowed its losses for the first half of this year.
For the six months to June 30, Eastplats posted a net loss of $4.7-million, at a loss of $0.04 a share, a significant improvement on the net loss of $30.5-million and a loss of $0.29 apiece achieved in the first half of 2016.
During the second quarter, the platinum-group metals company used its “available time and resources” to further the work necessary to make strategic decisions.
“Eastplats furthered the review of options for the remaining tailings storage facility at the Crocodile River mine (CRM), including metallurgical and mining test work and engineering design and refurbishing of the CRM processing facility,” the company said in a statement on Monday.
This work is scheduled to culminate in a completed and updated technical report on the tailings storage facility during this year.
In addition, Eastplats also performed a specific study and assessment of the Mareesburg openpit project, furthering the infill drilling work.
“All this work will further enable the company to make operational decisions during the last half of the year,” it added.
As at June 30, the group held cash and short-term investments of $25-million and working capital of $26.3-million.