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LONDON (Alliance News) - Sylvania Platinum Ltd said Thursday said it saw a 15% rise in production from its operations in the Bushveld region of South Africa in its second quarter, and saw revenue rise despite a decrease in gross basket price.
The platinum group metal processor and developer saw production increase to 15,791 ounces for the quarter to end-December, up from 13,729 in the first quarter.
Earnings before interest, tax, depreciation and amortisation for the quarter was USD2.3 million, up from USD1.2 million in the previous quarter, as revenue rose 10% to USD9.7 million from USD8.8 million, the company said.
This was in spite of an 11% decline in gross basket price to USD785 per ounce in the quarter, down from USD879 per ounce in the previous quarter.
The company noted "difficult circumstances" in the quarter, with platinum and palladium prices falling, and communities in the East continuing "violent protests demanding jobs and better infrastructure, which resulted in production down-time."
"This performance shows that even in depressing times with regards to metal prices, cost control and achieving production targets will allow Sylvania to prosper when the decline in metal prices is reversed," said Chief Executive Officer Terry McConnachie in a statement.
Shares in Sylvania were up 11% at 7.35 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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