Business
31 March 2012 Quarterly Report and Cashflow
31 March 2012 Quarterly Report and Cashflow.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 2126C Sylvania Platinum Limited 27 April 2012 \n \n\nSylvania Platinum Limited\n(\"Sylvania Platinum\", \"Sylvania\" or the \"Company\")\n(ASX: SLP, AIM: SLP)\n \nSylvania Platinum Ltd Quarterly Report to 31 March 2012\n \n \nSylvania Platinum Ltd, the low cost Platinum Group Metal (\"PGM\") processor and developer today announces its results for the third quarter ended 31 March 2012 from its PGM production and development operations in the Bushveld region of South Africa. \n \n \nSUMMARY\n \n· EBITDA at Sylvania Dump Operations (\"SDO\") remains positive R5.7 million (US$0.7 million) despite production shortfall;\n· A four week strike action at host mines, unusual tropical storm activity and safety stoppages slowed production to 7,506 PGM ounces;\n· Production ramp up of the new expansion plant at Mooinooi commenced;\n· Construction of the Tweefontein plant progressing well;\n· Conditional agreement to dispose Bushveld magnetite iron ore assets for £13.7m;\n· Cash on hand of R175 million (US$22.8 million) at period end;\n \n \nCommenting on the quarterly results Terry McConnachie, Sylvania CEO, said \"All in all a very disappointing quarter due to industrial action at the host mines where striking staff prevented our crews, who were not on strike, from entering the mine premises. This quarter has shown the importance of operating a business with healthy margins as the SDO still managed to report an EBITDA profit of R5.7 million (US$0.7 million) despite losing more than four weeks of production. During the quarter the company has made good progress with the Volspruit mining operation and the exploration of the Northern limb portion is progressing according to plan. Good progress has been seen at the expanded Mooinooi operation with the major impact expected in the final quarter of this financial year. The new Tweefontein plant construction is progressing according to plan and this will secure the company's anticipated ramp up to full steady state production. Finally, I am really pleased to see good progress on th...