Business
Second Quarter Report to 31 December 2017
Second Quarter Report to 31 December 2017.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 3001D Sylvania Platinum Limited 30 January 2018 \n\n \nSylvania Platinum Limited \n(\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nSecond Quarter Report to 31 December 2017\n \nCommissioning of the first two Project Echo modules and integration of the Phoenix Platinum operation positions the Company well to meet stated guidance.\n \n30 January 2018\n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the quarter ended 31 December 2017 (\"Q2\" or the \"quarter\") from its PGM production and development operations in the Bushveld region of South Africa. \n \nSNAPSHOT\n \n· Acquisition of Phoenix Platinum from Pan African Resources for R89 million ($6.3 million) was finalised in November 2017;\n· 17,302 PGM 4E ounces produced by Sylvania Dump Operations;\n· Revenue stable in US dollar terms at $14.1 million (Q1 : $14.1 million) and increased 3% in Rand terms to R191.2 million (Q1 : R186.1 million); \n· Group EBITDA decreased 11% from $5.5 million to $4.9 million quarter-on-quarter;\n· 6,848,235 Ordinary Shares held in Treasury cancelled in Q2; and\n· Maintained a positive Group cash balance of $12.6 million after the acquisition of Phoenix Platinum for $6.3 million and increased capital expenditure on Project Echo during the quarter.\n \n \nSYLVANIA OVERVIEW\n \nFollowing the successful conclusion of the Phoenix Platinum Mining Proprietary Limited (\"Phoenix\") acquisition during November 2017, Phoenix was integrated into Sylvania and renamed Sylvania Lesedi (\"Lesedi\"), in line with Sylvania's existing naming convention for dump operations. The Lesedi operation, together with the existing dump operations, namely Doornbosch, Lannex, Tweefontein, Millsell, Mooinooi Dump, and Mooinooi ROM, are collectively referred to as the Sylvania Dump Operations (\"SDO\").\n \nThe SDO produced 17,302 4E PGM ounces for the quarter, which is a 4% increase on the previous quarter's production of 16,589 ounces. Total 6E ounces produced, as historically used by Lesedi and commonly repor...