Business
Fourth Quarter Report to 30 June 2020
Fourth Quarter Report to 30 June 2020.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 1356U\n Sylvania Platinum Limited\n 27 July 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n _____________________________________________________________________________________________________________________________\n \n \n \n \n \n 27 July 2020\n \n \n \n \n \n \n \n \n Sylvania Platinum Limited \n \n \n (\"Sylvania\", the \"Company\" or the \"Group\")\n \n \n AIM (SLP)\n \n \n \n \n \n Fourth Quarter Report to 30 June 2020 \n \n \n \n \n \n \n \n \n The Directors are pleased to present the results for the quarter ended 30 June 2020 (\"Q4\" or the \"quarter\"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars (\"USD\").\n \n \n \n \n \n Achievements \n \n \n · \n Sylvania Dump Operations (\"SDO\") successfully running at full capacity since June 2020 after national lockdown regulations implemented to prevent the spread of COVID-19 placed the SDO on care and maintenance from 27 March 2020 to 30 April 2020 (\"hard lockdown\");\n \n \n · \n SDO declared 9,055 4E PGM ounces in Q4 as a result of the impact of hard lockdown and the gradual ramp up to full production in accordance with amended regulations (Q3: 19,968 4E PGM ounces) resulting in a total of 69,026 4E PGM ounces for the financial year;\n \n \n · \n Tweefontein and Doornbosch operations respectively achieved eight years Lost-Time Injury (\"LTI\") free milestones during Q4;\n \n \n · \n The SDO recognised $13.2 million net revenue for the quarter;\n \n \n · \n Cash costs per 4E PGM ounce increased in Rand and Dollar terms to ZAR17,008/ounce and $948/ounce quarter-on-quarter (Q3: ZAR8,673/ounce and $565/ounce) due to reduced production and high proportion of fixed costs;\n \n \n · \n A positive EBITDA of $4.2 million despite the drop in ounces and its consequent effect on operational costs in Q4;\n \n \n · \n Net profit of $2.2 million (Q3: \n $25.3 million) due to the lower production in the quarter\n ;\n \n \n · \n Bought back a total of 5.6 million \n ordinary $0.01 shares at a total cost of $3.4 million during the quarter; and\n \n \n · \n Cash balance of $55.9 million after share buybacks during Q4.\n \n \n \n \n \n Challenges\n \n \n · \n Post hard lo...