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exploration|financial|gold|platinum|projects|operations

Lower prices, rising costs impact on Sylvania’s financial results

7th September 2023

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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A 28% decrease in the average platinum group metals basket price negatively impacted on Aim-listed Sylvania Platinum’s financial results for the financial year ended June 30.

As a result, revenue decreased to $130.2-million, from $152-million in the prior financial year, while earnings before interest, taxes, depreciation and amortisation decreased to $66-million, from $82.8-million for the 2022 financial year.

Sylvania posted a net profit of $45.4-million, compared with $56.2-million for the prior financial year.

However, the group says it remains optimistic about price improvements.

It also remains focused on containing costs.

“Rising input costs are a reality for the group, and for the broader sector, therefore, we continue to sustain a pragmatic cash management policy with disciplined capital allocation and control, as well as production cost control.

“This approach has ensured the company has the necessary cash reserves to cover working capital for the pipeline period, finance capital projects, fund growth and exploration, and mitigate any potential future difficulties it may have to deal with,” CEO Jaco Prinsloo says.

He says it maintains strong cash reserves to allow funding of expansion and process optimisation capital, and upgrading of its exploration and evaluation assets with the potential to return value to shareholders.

The group recorded a strong production performance at its Sylvania Dump Operations, which produced 75 469 oz of platinum, palladium, rhodium and gold (4E) during the financial year under review.

This was higher than the company’s forecast production.

Sylvania has set a production target of 74 000 oz to 75 000 oz of 4E for the 2024 financial year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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