https://www.miningweekly.com

Sylvania lifts FY profit amid another year of record production

21st August 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Platinum group metals (PGMs) processor Sylvania Platinum has posted a net profit of $8.87-million for the year ended June 30, compared with a profit of $3.73-million in the 2016 financial year.

The company’s Sylvania Dump Operations (SDO) had achieved a fourth consecutive year of record production, at 70 869 oz, for the 2017 financial year – a 17% increase on the 60 643 oz produced in the 2016 financial year.

“We managed to improve on our previous company record and I am excited for future production, once Project Echo is complete, and the possible further expansion through the Phoenix acquisition,” commented Sylvania CEO Terry McConnachie.

Sylvania in July bought Phoenix Platinum from Pan African Resources for R89-million, a move that is expected to strengthen Sylvania’s position in tailings retreatment.

It is also investing about $12-million on Project Echo, which is aimed at improving PGM recovery efficiencies, lowering PGM production units costs, increasing cash generation and enabling SDO to extend its operating life and to sustain its production profile at about 70 000 oz/y going forward.

The project entails moving from single stream milling and flotation circuits at the Millsell, Doornbosch, Tweefontein, Mooinooi Dump and Mooinooi Run-of-Mine operations to primary and secondary milling and flotation (MF2) circuits over a two- to three-year period.

By June 30, Sylvania had already spent $2.2-million on the Millsell and Doornbosch MF2 modules.

“Based on current resources, plant infrastructure and operational performance, we should see similar production performance in the 2018 [financial year] and, with the roll-out of Project Echo, the company should be able to maintain production levels of around 70 000 oz of PGMs for many years,” said McConnachie.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Craig Miller Technical Services (CMTS)
Craig Miller Technical Services (CMTS)

CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...

VISIT SHOWROOM 
ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.049 0.832s - 114pq - 2rq
Subscribe Now