Business
2nd Quarter Results
2nd Quarter Results.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 5478B Sylvania Platinum Limited 31 January 2020 \n\n \n \n \n \n \n _____________________________________________________________________________________________________________________________\n \n31 January 2020\n \n \nSylvania Platinum Limited \n (\"Sylvania\", the \"Company\" or the \"Group\")\n AIM (SLP)\n \nSecond Quarter Report to 31 December 2019 \n \n \nThe Directors are pleased to present the results for the quarter ended 31 December 2019 (\"Q2\" or the \"quarter\"). Unless otherwise stated, the consolidated financial information contained in this report is presented in USD.\n \n \nAchievements \n· Sylvania Dump Operations (\"SDO\") declared 19,206 4E PGM ounces in Q2 (Q1: 20,797 4E PGM ounces) bringing the H1 FY2020 declared ounces to 40,003 ounces, a new half year record;\n· Net revenue of $27.9 million for Q2 (Q1: $31.2 million); \n· SDO and Group cash costs decreased 7% to ZAR 7,485/ounce ($510/ounce) and ZAR 7,808/ounce ($532/ounce) respectively; \n· Cash balance of $33.8 million (Q1: $26.6 million) after dividends and provisional income tax paid during the quarter.\n \n \nChallenges\n· Power interruptions due to Eskom loadshedding and quality of supply resulted in downtime at operations;\n· Water management continues to be a focus area at some operations, despite intermittent rainfall which provided some relief during the period;\n· The currently depressed chrome market is putting pressure on chrome miners and could potentially impact on fresh feed sources at some operations, but operations are able to substitute feed with available dump material in order to run plants at capacity.\n \n \nOpportunities\n· Current PGM basket price contributing to higher than planned profits and cash balance;\n· Post-commissioning evaluation of PGM grade and recovery optimisation projects, incorporat...