Business
Third Quarter Report to 31 March 2016
Third Quarter Report to 31 March 2016.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 2832W Sylvania Platinum Limited 26 April 2016 \n\n \nSylvania Platinum Limited \n(\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nThird Quarter Report to 31 March 2016\n \n\"Group EBITDA up 63% to $3.7 million\"\n \n26 April 2016\n \nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") processor and developer, today announces its results for the quarter ended 31 March 2016 (\"Q3\" or the \"quarter\") from its PGM production and development operations in the Bushveld region of South Africa. \n \nHIGHLIGHTS\n \n· Group EBITDA improved 63% from $2.3 million to $3.7 million quarter-on-quarter\n· Group cash balance increased 41% from $5.1 million to $7.2 million quarter-on-quarter.\n· Revenue increased 4% in Dollar terms to $10.1 million (Q2: $9.7 million) and 16% in Rand terms to R159.7 million (Q2: R137.4 million).\n· No Lost-Time Injuries (\"LTI's\") during the quarter.\n· SDO PGM ounce production of 14,905 ounces was 17% higher than the 12,778 ounces achieved in the corresponding quarter in FY2015, but 6% lower than Q2 FY2016 (Q2: 15,790 ounces).\n· Annual PGM ounce production guidance revised upwards to between 57,000 and 58,000 ounces.\n \nSYLVANIA OVERVIEW\n \nThe SDO continued on a steady production trend, producing 14,905 ounces during the quarter, bringing the total production for the financial year to date to 44,424 ounces. Although PGM feed tons were slightly lower than the previous quarter, higher feed grades and recovery efficiencies contributed towards the good ounce production for the quarter. Based on year to date performance and recent production trends, annual PGM ounce production is expected to be in the range of 57,000 to 58,000 ounces, exceeding the previously stated guidance of 55,000 ounces for the current financial year.\n \nThe cash costs for the SDO in Rand terms have increased 6% from R5,971/oz to R6,317/oz primarily as a result of slightly lower PGM ounces when compared to the previous quarter, but decreased by 5% in US dollar terms from $420/oz to $399/oz for the quarter, as a result of the weaker Rand against the US d...