JOHANNESBURG (miningweekly.com) – Dual-listed Atlatsa Resources’ revenue decreased by 6.1% year-on-year to C$33.4-million for the three months ended March 31, owing to a 3.5% decrease in platinum group metals (PGM) ounces produced at its Bokoni mine, near Polokwane.
Revenue was further impacted by a 1.5% decrease in the rand PGM basket price to R11 130, compared with R11 305 in the first quarter of 2016.
Tonnes milled at Bokoni decreased by 7.2% year-on-year to 296 366 t, resulting in 35 338 oz of PGMs being produced, down from the 36 609 oz produced in the same period in 2016.
Total cash operating costs were 26.8% higher than in the first quarter of 2016, owing to an increase in environmental rehabilitation costs incurred following the closure of the opencast mining operations, and increased inventory store costs as a result of additional trackless machinery fleet and conveyor belt maintenance at the operations.
Cost per tonne milled for the first quarter increased to C$162/t, compared with C$119/t in the prior year, while total capital expenditure for the first quarter rose to C$11.6-million, compared with C$3.5-million last year, comprising 27% sustaining capital and 73% project expansion capital associated with the two ramp-up shaft operations.