Business
First Quarter Report to 30 September 2017
First Quarter Report to 30 September 2017.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 9025U Sylvania Platinum Limited 30 October 2017 \n\n \nSylvania Platinum Limited \n(\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nFirst Quarter Report to 30 September 2017\n \n\"Project Echo progressing well and Company on track to produce 70,000 ounces for the year from existing operations, excluding future yields from Phoenix.\"\n \n30 October 2017\n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the quarter ended 30 September 2017 (\"Q1\" or the \"quarter\") from its PGM production and development operations in the Bushveld region of South Africa. \n \nSNAPSHOT\n \n· 16,589 ounces produced by the Sylvania Dump Operations (\"SDO\"); \n· Revenue increased 7% in both US dollar and Rand terms to $14.1 million (Q4 FY2017: $13.2 million) and R186.1 million (Q4 FY2017: R174.4 million);\n· Group cash balance of $17.4 million, a $2.1 million increase on the previous quarter's $15.3 million;\n· Group EBITDA improved 9% from $5.0 million to $5.5 million quarter-on-quarter;\n· Agreed to acquire Phoenix Platinum from Pan African Resources for R89 million ($6.6 million), awaiting final approval from the South African Competition Commission as last condition precedent to be met; and\n· Purchased 1,426,686 Ordinary $0.01 Shares at A$0.1619 each under the Share Buyback Programme (\"Programme\") offered to small, non-UK shareholders which will be cancelled on completion of the Programme.\n \nSYLVANIA OVERVIEW\n \nThe SDO has produced 16,589 ounces for the quarter, which is an 8% decrease on the previous quarter's production of 17,954 ounces. The decrease, which was expected, was due in part to the scheduled closure of the Steelpoort plant in Q4 FY2017 and annual production is still expected to meet the FY2018 forecast of 70,000 ounces outlined in the Annual Report. This excludes any increase in production from the acquisition of Phoenix Platinum Mining Proprietary Limited (\"Phoenix\") should the approval from the South African Competition Commission (\"Commission\"), necessary to ful...