Sylvania Q2 production down 3% quarter-on-quarter
JOHANNESBURG (miningweekly.com) – Platinum-group metals (PGMs) producer Sylvania Platinum’s production for the second quarter, ended December 2012, was down 3% on that of the first quarter, to 10 635 oz, the company said on Thursday.
The Sylvania Dump Operations (SDO) generated the majority of this – some 8 225 oz – in the last two months of the quarter, while the company’s host and remaining mines had a disruptive second quarter owing to prolonged industrial action.
Operations at the company’s host mines on the western limb of the Bushveld Complex resumed in October following wage agreements.
Meanwhile, the company’s Tweefontein operation was successfully commissioned and produced 937 oz for the quarter and remained in the ramp-up and optimisation phase.
It was expected to reach full capacity during the third quarter of the year.
Despite industrial challenges, the Aim-listed PGMs producer reported that earnings before interest, taxes, depreciation and amortisation at the SDO increased by 125% to $2.7-million from $1.2-million in the previous quarter.
This was coupled with a slight improvement in cash costs, which moved from $721/oz to $700/oz.
Revenue increased by 20% in rand terms on the previous quarter to R88.8-million.
Moreover, in January, the company announced a new dividend policy that followed a move towards steady-state operations and demonstrated its cash-positive position.
The company had $8-million cash available at the end of the quarter.
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