Eastplats' first-quarter net loss widens on exchange rate losses
Platinum group metals miner Eastern Platinum's (Eastplats') net loss for the quarter ended March 31 widened to $8.2-million, or $0.09 a share, from the net loss of $800 000, or $0.01 a share, reported for the quarter ended March 31, 2019.
The company attributed the widening loss to an $8.7-million change in foreign exchange losses owing a significant devaluation in the South African rand to the dollar as a result of the impact of the global spread of Covid-19.
Net operating cash flows generated during the first quarter, however, reached $7.6-million, compared with $3.7-million in the prior comparable quarter.
Further, revenue increased by 163% year-on-year to $14.2-million for the first quarter.
Eastplats says it remains in a strong financial position, with cash of $8.3-million and net working capital of $8.1-million at quarter-end.
With regard to its operations, Eastplats' Barplats Mines subsidiary has resumed operations at its tailings retreatment project at the Crocodile River mine, following the Level 5 Covid-19 lockdown in South Africa, during which only essential services were allowed to operate.
The Barplats operations did not produce for 18 days.
Further, as a result of easing of lockdown restrictions from June 1, Barplats will recall construction contractors in a phased return.
Based on the appropriate mobilisation, construction activities are expected to begin in relation to the tailings storage facility wall building and the retreatment project’s optimisation.
Barplats produced 293 968 t of chromium concentrate in the first quarter, of which the average grade was 38.56%.
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