LONDON (Alliance News) - Sylvania Platinum Limited Thursday said sales increased during its first quarter on high Tweefontain production rates.
The platinum group metal processor and developer, with operations in South Africa, said revenues increased 11% to USD10.5 million for the three months ended September 30 compared to the immediately prior quarter.
The company said its linked platinum, palladium and gold, or 3E production, coupled with its stand alone gold production, increased 4% to 12,516 ounces from 12,033 ounces in the previous three months, as its Tweefontain plant produced a record 1,446 ounces of platinum group metals.
The company said that despite production improvements during the quarter, the company suffered two significant production disruptions during the quarter. The total failure of the state utility substation at Tweefontein took eleven days to repair, and a ten day stoppage at Steelpoort was caused by the changing of the tailings dam wall configuration.
As a result, the company said its cash costs for production increased 5% to USD674 per ounce compared to the previous quarter.
Sylvania Platinum shares were up 0.6% to 8.34 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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