Business
30 June 2013 Quarterly Report
30 June 2013 Quarterly Report.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 5545K Sylvania Platinum Limited 31 July 2013 \n \n\n \nSylvania Platinum Limited \nFourth Quarter Report to 30 June 2013\n(\"Sylvania\" or \"the Company\")\n AIM (SLP)\n \n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the fourth quarter ended 30 June 2013 (Q4 FY2013) from its PGM production and development operations in the Bushveld region of South Africa. \n \nSUMMARY\n \n· Positive EBITDA of $1.7million in fourth quarter at Sylvania Dump Operations (\"SDO\")\n· 14% increase in ounces produced (12,033 PGM ounces in fourth quarter vs 10,583 ounces in third quarter)\n· Cash costs reduced 11% from $721/oz in third quarter to $642/oz this quarter\n· Record total feed tons (602,567 tons)\n· Positive Group cash balance of $6.4 million at 30 June 2013 (an increase in Rand terms from R60 million to R64 million) \n· Fourth consecutive quarter Lost Time Injury (\"LTI\") free\n \n \nOVERVIEW\n \nThe SDO produced 12,033 PGM ounces for the fourth quarter ended 30 June 2013, the highest quarterly production for the 2013 financial year. The higher production is a result of improved plant running times, specifically at the two Mooinooi operations which generated a combined production of over 1,000 ounces in both May and June. Plant feed tons increased 20% to 602,567 tons, yielding an additional 16% tons fed into the PGM plant. Operating unit costs dropped from R303/PGM feed ton to R296/PGM feed ton. The increased production at Mooinooi, however, caused the weighted average recovery to drop 2% quarter-on-quarter due to the MG2 reef having a lower recovery than MG1 and LG6.\n \nThe volatile metal prices and exchange rates over the previous nine months has caused the revenue1 before smelting charges to drop from R10,132/oz in Q3 to R9,035/oz in Q4. Due to the increased ounce production the smelting charges increased by R1.4 million for the quarter. Overall, the revenue per ounce dropped from R8,993/oz in Q3 to R7,916/oz in Q4. The consequence of the metal price and exchange rate...