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LONDON (Alliance News) - Sylvania Platinum Ltd Wednesday said its revenues jumped 24% in the third quarter compared to the previous quarter as production and sales prices increased.
The platinum group metal processor and developer, with operations in South Africa, said its revenues increased to USD12.2 million for the three months ended March 31 from USD9.8 million in the previous quarter.
The company said its revenue jump was due to a 10% increase in its net basket price to USD887 per ounce from USD806 per ounce and an increase in production.
Sylvania Platinum said its dump operations achieved combined production of 13,185 ounces of platinum group metals during the quarter, a 4% increase on 12,673 ounces in the previous quarter due to consistent plant feed tonnes and improved plant stability.
The company said its dump operations target of over 50,000 ounces by financial year end is well within reach.
Sylvania added that dump operation cash costs fell 11% to USD619 per ounce from USD696 per ounce and its dump operation capital expenditure fell 41% to USD224,000 from USD381,000.
The company said its total cash balance at March 31 was USD4.8 million, which represents an increase of roughly USD612,737 due partly to the effect of exchange fluctuations to its cash balances, which are partly held in South African Rand.
Sylvania Platinum shares were up 8.8% to 6.15 pence, putting it amongst the top AIM All-Share risers Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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