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LONDON (Alliance News) - Sylvania Platinum Ltd Tuesday said revenues fell in its second quarter following lower platinum group metal prices.
The platinum group metal processor and developer, with operations in South Africa, said its revenue fell 6% to USD9.8 million in the three months ended December 31, 2013, compared with the previous quarter.
The company said platinum group metal prices have fallen by an average of 7% to USD891 per ounce on the previous quarter, and the cash cost of production increased by 7% to USD696 per ounce during the period.
Sylavania also noted a safety stoppage at its Mooinooi site during the quarter which kept the plant closed for 21 days.
Despite this, the company increased its platinum group metals production by 1.2% to 12,673 ounces and said it remains on track for over 50,000 ounces in the full year to June 30.
Sylvania Platinum also said Tuesday that Deputy Chief Executive Officer Nigel Trevarthen will retire at the end of March.
Sylvania Platinum shares were down 12.0% to 5.50 pence, putting it in the top five AIM fallers in early trading Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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