Business
Fourth Quarter Report to 30 June 2015
Fourth Quarter Report to 30 June 2015.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 3514U Sylvania Platinum Limited 29 July 2015 \n\n \nSylvania Platinum Limited \n(\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nFourth Quarter Report to 30 June 2015\n \n\"Full year production at record level\"\n \n29 July 2015\n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the quarter ended 30 June 2015 (\"Q4 FY2015\" or the \"quarter\") from its PGM production and development operations in the Bushveld region of South Africa. \n \nHIGHLIGHTS\n· Sylvania Dump Operations (\"SDO\") PGM ounce production increased 5% to 13,468 ounces for the quarter (Q3 FY2015: 12,778 ounces).\n· Full year production at record level for Sylvania of 57,587 ounces, an increase of 7% on the previous year's production (FY2014: 53,808 ounces), exceeding the revised upward guidance of between 55,000 and 57,000 ounces for the financial year.\n· Group cash balance of $8.4 million at 30 June 2015 (5% decrease on Q3 FY2015 of $8.8 million) and 58% increase year-on-year (FY2014: $5.3 million) in spite of poor metal pricing environment.\n· No Lost-Time Injuries (\"LTI's\") during the quarter, with Tweefontein and Mooinooi reaching three years and 500 days LTI free respectively during the quarter, while Steelpoort remains LTI free for more than seven years. \n \nSYLVANIA OVERVIEW\n \nThe SDO produced 13,468 ounces for the quarter, bringing the total for the financial year to 57,587 ounces, a 5% improvement quarter-on-quarter (Q3: 12,778 ounces) and 7% up year-on-year (FY2014: 53,808 ounces). This significant improvement is attributable to higher feed tons and a slight improvement on recoveries, despite lower feed grades. The Sylvania operations not only met, but outperformed, the previously stated annual guidance of approximately 53,000 ounces for the financial year ended 30 June 2015. Moreover, the operations also exceeded the subsequently revised guidance of 55,000 ounces to 57,000 ounces for the current financial year as given in the Q3 announcement of 27 April 2015.\n \nThe gross basket price of $1,032/oz for the quarter is approximately a 2% decrease compared to the...