Business
30 September 2013 Quarterly Report
30 September 2013 Quarterly Report.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 8405R Sylvania Platinum Limited 31 October 2013 \n \n\nSylvania Platinum Limited \nFirst Quarter Report to 30 September 2013\n(\"Sylvania\" or \"the Company\")\n AIM (SLP)\n \n \n \n31 October 2013\n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the quarter ended 30 September 2013 (Q1 FY2014) from its PGM production and development operations in the Bushveld region of South Africa. \n \nSUMMARY\n \n· EBITDA of $2.1 million at Sylvania Dump Operations (\"SDO\"), a 19% improvement (Q4 FY2013: $1.7 million)\n· 11% increase in revenue to $10.5 million (Q4 FY2013: $9.5 million)\n· 4% increase in PGM ounces produced to 12,516 ounces (Q4 FY2013:12,033 ounces)\n· Net Group cash of $4.5 million as at 30 September 2013 \n· Zero Lost Time Injuries (\"LTI\") since June 2012\n \n \nOVERVIEW\nThe combined production for the SDO was 12,516 ounces for the quarter ended 30 September 2013, a 4% increase on the previous quarter's 12,033 ounces. Production improvements started to show results in the last two months of the previous quarter with production in excess of 4,000 ounces per 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 ounces. \n \nThe SDO suffered two significant production disruptions during the quarter, being the total failure of the state utility substation at Tweefontein which took eleven days to repair and a ten day stoppage at Steelpoort due to the changing of the tailings dam wall configuration. Following the failure of the power supply to Tweefontein, the feed tonnes into the plants dropped 2%. However recoveries increased by 3% from 39.5% to 40.7% over the quarter.\n \nWhilst every effort was made to control the negative impact on production, some increased costs were realised. The cash cost of production for SDO was R6,732/oz ($674/oz), 5% higher than the R6,439/oz ($642/oz) during the previous quarter. Despite the increase in costs, the EBITDA for Q1 FY2014 increased to $2.1...