Eastplats' Q3 loss widens on former management’s termination pay, higher costs
JOHANNESBURG (miningweekly.com) – Dual-listed Eastern Platinum’s (Eastplats’) loss for the third quarter ended September 30 widened to $3.99-million, from a loss of $500 000 in the third quarter of 2015, primarily owing to $1.2-million in one-off termination payments made to the company’s former management.
Shareholder Ka An Development in July succeeded in having the entire former Eastplats board replaced with new directors, with Diana Hu appointed CEO.
Soon after its appointment, the new board instituted a review of transactions entered into by the company’s former management, including the proposed sale of Eastplats’ Barplats Mines, which holds the Crocodile River mine, to Hebei Zhongheng Tianda Platinum.
The review remains ongoing.
Eastplats on Tuesday reported that general and administrative expenses had been significantly higher in the third quarter than in the prior comparable period, owing to about $1-million in legal and other investigation costs.
Care-and-maintenance costs for the quarter were, however, lower than in the prior comparable period and Eastplats continues to consider ways to control these costs.
“Overall, Eastplats is continuing its commitment in developing and advancing its platinum group metals projects in South Africa. Subject to resolving certain of the issues inherited from former management, under the leadership of new management and the new board of directors, the company believes it is in a strong position to enter a new development stage,” said Hu.
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