Business
Second Quarter Report to 31 December 2015
Second Quarter Report to 31 December 2015.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 2138N Sylvania Platinum Limited 28 January 2016 \n\n \nSylvania Platinum Limited \n(\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nSecond Quarter Report to 31 December 2015\n \n\"Revenue up despite a significantly lower PGM basket price\"\n \n28 January 2016\n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the quarter ended 31 December 2015 (\"Q2\" or the \"quarter\") from its PGM production and development operations in the Bushveld region of South Africa. \n \nHIGHLIGHTS\n \n· Sylvania Dump Operations (\"SDO\") PGM ounce production increased 15% to 15,791 ounces for the quarter (Q1: 13,729 ounces); the second highest number of ounces produced in any quarter.\n· SDO cash cost down 21% from $532/oz to $420/oz; the lowest operating costs recorded in six years.\n· Revenue increased 10% in Dollar terms to $9.7 million (Q1: $8.8 million) and 20% in Rand terms to R137.4 million (Q1: R114.4 million) despite an 11% decrease in gross basket price to $785/oz (Q1: $879/oz).\n· Group EBITDA improved 83% from $1.2 million to $2.3 million.\n· No Lost-Time Injuries (\"LTI's\") during the quarter.\n \nSYLVANIA OVERVIEW\n \nThe SDO produced 15,791 ounces for the quarter, bringing the year to date total to 29,519 ounces, a 15% improvement quarter-on-quarter (Q1: 13,729 ounces) and the second highest number of ounces produced in any quarter by Sylvania. This increase is attributable to a combination of higher PGM tons treated and an improvement in both plant feed grades and recovery efficiencies for the quarter. The cash costs for the SDO decreased by 21% in Dollar terms from $532/oz to $420/oz for the quarter, whilst in Rand terms the cash costs decreased 13% from R6,900/oz to R5,971/oz. This is the lowest operating cost recorded in six years and is the result of disciplined operating cost controls, higher PGM ounce production and a weaker SA Rand to the US Dollar. \n \nThe gross basket price of $785/oz for the quarter is an 11% decrease compared to the previous quarter's $879/oz. This drop from $1,082/oz at the begi...