Eastplats widens full-year loss
JOHANNESBURG (miningweekly.com) – Platinum group metals (PGM) producer Eastern Platinum (Eastplats) widened its full-year basic loss from 11c a share in 2012 to 17c apiece for the period to December 2013.
The South Africa-focused miner posted a loss attributable to equity shareholders of $156.9-million for the year to December 2013 – a rise on the loss of $103.7-million in 2012.
The net loss for the year under review increased to $180.9-million compared with the loss of $113.9-million during the year to December 2012.
However, during the quarter to December the loss attributable to equity shareholders narrowed to $1.6-million, compared with the loss of $1.9-million reported during the fourth quarter of 2012.
Eastplat’s adjusted earnings before interest, tax, depreciation and amortisation was $14.8-million into the red – lower than the negative $12.6-million registered in 2012.
Revenue fell sharply to $31.8-million in 2013, compared with $102.4-million in the prior year, while the volumes of PGM ounces sold plunged 68% to 27 352 oz in 2013 compared with 86 225 PGM ounces sold in 2012.
But owing to the suspension of production, the group reiterated that a year-on-year operational comparison was not meaningful.
The group said its suspended Crocodile River mine (CRM), which was placed on care and maintenance on August 1, 2013, had attracted an impairment of $147.8-million for the year to December – a jump on the impairment of $88-million reported in 2012.
The care-and-maintenance costs of CRM and the group’s mothballed Bushveld Complex eastern limb projects had reached $2.8-million during the three months to December and $5.2-million for the full year. This compared with the $589 000 incurred during the fourth quarter of 2012 and the $681 000 during the full 2012 financial year.
Eastplat’s cash position recorded a decrease from $130.9-million as at December 2012 to $93-million by December 2013.
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