https://www.miningweekly.com
Africa|Building|Construction|Financial|Platinum|PROJECT|Services|Storage|Operations
Africa|Building|Construction|Financial|Platinum|PROJECT|Services|Storage|Operations
africa|building|construction|financial|platinum|project|services|storage|operations

Eastplats' first-quarter net loss widens on exchange rate losses

4th June 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Platinum group metals miner Eastern Platinum's (Eastplats') net loss for the quarter ended March 31 widened to $8.2-million, or $0.09 a share, from the net loss of $800 000, or $0.01 a share, reported for the quarter ended March 31, 2019.

The company attributed the widening loss to an $8.7-million change in foreign exchange losses owing a significant devaluation in the South African rand to the dollar as a result of the impact of the global spread of Covid-19.

Net operating cash flows generated during the first quarter, however, reached $7.6-million, compared with $3.7-million in the prior comparable quarter.

Further, revenue increased by 163% year-on-year to $14.2-million for the first quarter.

Eastplats says it remains in a strong financial position, with cash of $8.3-million and net working capital of $8.1-million at quarter-end.

With regard to its operations, Eastplats' Barplats Mines subsidiary has resumed operations at its tailings retreatment project at the Crocodile River mine, following the Level 5 Covid-19 lockdown in South Africa, during which only essential services were allowed to operate.

The Barplats operations did not produce for 18 days.

Further, as a result of easing of lockdown restrictions from June 1, Barplats will recall construction contractors in a phased return.

Based on the appropriate mobilisation, construction activities are expected to begin in relation to the tailings storage facility wall building and the retreatment project’s optimisation.

Barplats produced 293 968 t of chromium concentrate in the first quarter, of which the average grade was 38.56%.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th 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:0.731 0.787s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: