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Eastplats narrows Q1 loss to $1.9m

15th May 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – TSX-, Aim- and JSE-listed Eastern Platinum (Eastplats) has narrowed its year-on-year loss for the first quarter, posting a loss attributable to shareholders of $1.9-million in the quarter ended March 31, compared with a loss of $10.9-million a year earlier.

The group ended the three months under review with cash of $87-million –  down from $92.9-million in the prior quarter – as it held its cash, cash equivalents and short-term investments primarily in Canadian dollars, which weakened by 3.8% against the US dollar over the period.

General and administrative costs decreased 57% from $1.7-million in the prior year’s comparable quarter to $729 000 in the three months under review.

Meanwhile, in the first quarter, Eastplats incurred care-and-maintenance costs of $2.86-million at its Crocodile River mine, in North West, where operations were suspended on August 1, 2013, and at its nearby Eastern Limb project, which was placed on care and maintenance in the fourth quarter of 2012.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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