Business
Second Quarter Report to 31 December 2021
Second Quarter Report to 31 December 2021.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 1129A\n Sylvania Platinum Limited\n 31 January 2022\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 31 January 2022 \n \n \n \n \n \n \n \n \n Sylvania Platinum Limited \n \n \n (\"Sylvania\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n Second Quarter Report to 31 December 2021 \n \n \n \n \n \n \n \n \n Sylvania (AIM: SLP) is pleased to announce the results for the quarter ended 31 December 2021 (\"Q2\" or the \"quarter\"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars (\"USD\" or \"$\").\n \n \n \n \n \n Achievements \n \n \n · \n Sylvania Dump Operations (\"SDO\") achieved 16,605 4E PGM ounces in Q2 (Q1: 15,771 ounces);\n \n \n · \n SDO recorded $37.9 million net revenue for the quarter (Q1:\n \n $29.8 million);\n \n \n · \n SDO cash costs per 4E PGM ounce decreased to $772/ounce (Q1: $862/ounce);\n \n \n · \n Group EBITDA of $22.3 million (Q1: $13.6 million); \n \n \n · \n Net profit of $15.5 million (\n Q1: $8.6 million)\n ; and\n \n \n · \n Group cash balance of $110.1 million (Q1: $132.7 million)\n \n \n \n \n \n Challenges\n \n \n \n The Western operations have faced continuing challenges due to water shortages at the plant;\n \n \n Water shortages at Lesedi were exacerbated by the temporary tailings deposition strategy; \n \n \n PGM feed grades in ROM material remain low at Mooinooi operation, but the Company continues to explore alternative feed sources, in conjunction with the host mine, and to implement processes to optimise ROM feed grades and increase recovery efficiency at the operation; and\n \n \n \n A modest adjustment in PGM production estimate, with 66,000 to 68,000 ounces now targeted by the Company for the full year. \n \n \n \n \n \n \n \n Opportunities\n \n \n \n The secondary milling and flotation (\"MF2\") projects at Lesedi and Tweefontein are on track to start contributing towards production during H2 FY2022 and H1 FY2023 respectively; and\n \n \n The Group maintains strong cash reserves to allow \...