JOHANNESBURG (miningweekly.com) – TSX-, Aim- and JSE-listed Eastern Platinum (Eastplats) on Thursday reported a widened net loss and lower platinum-group metals (PGMs) sales during the three months ended June 30.

The South Africa-focused miner recorded a $158.5-million net loss during the second quarter, down from the prior corresponding quarter’s loss of $89.4-million.

Eastplats’ basic loss a share decreased to $0.15 in the June quarter, from the $0.09 recorded in the June quarter of the prior year.

PGM sales fell 41% to 15 474 oz during the three-month period under review, compared with the 26 412 oz of PGMs sold during the three months to June 2012.

The company’s second-quarter revenue decreased from $31.2-million during the corresponding three-month period the year before, to $16.6-million in the second quarter of 2013.

The rand average price per PGM ounce jumped 15% to R8 428 during the quarter under review, compared with the R7 324 delivered in the second quarter last year. However, the average dollar price per PGM ounce decreased from $902 in the corresponding period last year, to $890 in the quarter under review.

Eastplats recorded an adjusted loss before interest, tax, depreciation and amortisation of $8.1-million in the second quarter, compared with the loss of $4.6-million in the prior corresponding quarter.

President and CEO Ian Rozier said the company’s idled Crocodile River mine (CRM) had incurred a $147.8-million impairment charge during the three months to June.

The CRM operations were halted in June amid economic turmoil, South Africa’s difficult operating environment and sustained weakness in PGM prices.

Over 90% of the employees at the operations were retrenched at a cost of $5.5-million, contributing to a 26% rise in dollar operating cash costs to $1 380/oz during the second quarter.

Eastplats said that, as at June 30, the company had a cash position of $104.7-million. This was down from the $130.9-million recorded as at December 31.