Business
31 March 2013 Quarterly Report
31 March 2013 Quarterly Report.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 5578D Sylvania Platinum Limited 30 April 2013 \n \n\n \nSylvania Platinum Limited \nThird Quarter Report to 31 March 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 third quarter ended 31 March 2013 (Q3 FY2013) from its PGM production and development operations in the Bushveld region of South Africa. \n \nSUMMARY\n \n· Revenue up 5% in US dollars\n· Sylvania Dump Operations (\"SDO\") EBITDA of $3.0 million (7% Q-o-Q improvement)\n· Newly completed Tweefontein plant maiden quarterly profit\n· Grasvally and Zoetveld Farms purchase finalised for Volspruit project\n· Positive Group cash balance of $6.6 million at 31 March 2013\n· Harriett's Wish Mining Right Application submitted \n· Stuart Murray commences as Chairman of the Company, effective 1 April 2013\n· 3rd consecutive quarter LTI free ( \"Lost Time Injury\")\n \n \nOVERVIEW\n \nThe SDO produced 10,583 PGM ounces for the third quarter ended 31 March 2013. Operations were once again impacted by factors outside of Sylvania's control, principally being safety stoppages at the host mines. Despite this, revenue increased by 5% from $10.1 million to $10.7 million.\n \nThe majority of the payments for the recently completed Tweefontein plant have now been made and it is pleasing to note that the plant's production ramp up has resulted in a profit before tax of $167k. The other project which was initiated early last year, and completed during the quarter, was the purchase of the Grasvally and Zoetveld farms, being a critical part of the Volspruit project. Consequentially Sylvania is now able to focus on cash generation and improving operations at the seven SDO plants. Capital expenditure reduced in the quarter to $0.5m, in line with the company's capital expenditure programme.\n \nThe Company had a Group bank balance of $6.6 milli...