Q1 earnings rise as Sylvania maintains profitability
JOHANNESBURG (miningweekly.com) – The first quarter of the 2014 financial year remained positive for Sylvania Platinum, which had only returned to profitability during the last quarter of the 2013 financial year.
The low-cost platinum-group metals (PGM) processor and developer ended the three months to September 30, with steady increases in the PGM output, revenue and earnings before interest, tax, depreciation and amortisation (Ebitda).
Ebitda jumped 18% to R21-million during the quarter, an improvement on the R17.3-million reported in the fourth quarter of the previous financial year, despite some increased costs.
The cash cost of production for the Sylvania Dump Operations (SDO) was R6 732 /oz – 5% higher than the R6 439/oz reported in the previous quarter.
Revenue rose to R105-million during the quarter under review – a 10% jump on the R95-million achieved in the preceding quarter.
Sylvania also increased PGM production 4%, from 12 033 oz produced in the quarter ended June 30, to 12 516 oz in the September quarter.
Production improvements started to show results in the last two months of the previous quarter with production in excess of 4 000 oz a month.
“This level of production was maintained into the current quarter and the SDO has seen five consecutive months of production volumes in excess of 4 000 oz,” the company said, in spite of two significant production disruptions during the quarter – the failure of a substation at Tweefontein, which took eleven days to repair, and a ten-day stoppage at Steelpoort owing to the changing of the tailings dam wall configuration.
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