Business
First Quarter Report to 30 September 2018
First Quarter Report to 30 September 2018.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 8264F Sylvania Platinum Limited 31 October 2018 \n\n \n \n \n \n \n \n _____________________________________________________________________________________________________________________________\n \n31 October 2018\n \n \nSylvania Platinum Limited \n (\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nFirst Quarter Report to 30 September 2018 \n \nThe Directors are pleased to present the results for the quarter ended 30 September 2018 (\"Q1\" or the \"quarter\"). Unless otherwise stated, the consolidated financial information contained in this report is presented in USD.\n \nAchievements \n· 19,137 4E PGM ounces produced in Q1;\n· Group EBITDA of $7.1 million;\n· Total operating costs down 2% in ZAR terms and 12% in USD quarter on quarter;\n· Cash balance up 26% quarter on quarter to $17.7 million from $14.0 million; \n· Capital expenditure in line with planned expansion for Project Echo; \n· Millsell operation achieved four years lost time injury (LTI) free during the quarter; and\n· Completed the non-UK Shareholders buy-back program on 24 August 2018 and a total of 2,407,481 shares were cancelled.\n \nChallenges\n· Utility infrastructure and supply of power continues to present challenges to existing operations and the execution of expansion projects;\n· The consistently low Platinum price continues to put pressure on the gross basket price, although weaker ZAR and strong Palladium and Rhodium prices are mitigating factors; and \n· Lower recovery efficiencies at Millsell MF2 module, due to challenges with fines flotation mechanisms, are currently being upgraded.\n \nOpportunities\n· Project Echo MF2 module for Mooinooi on track for commissioning in H2 FY2019;\n· Relocation of redu...