(Alliance News) - Sylvania Platinum Ltd on Wednesday announced both a record last quarter and record year in terms of production.
Platinum group metal output in the last quarter ended June was 21,789 ounces, meaning the year ended June saw 72,090 ounces produced.
In the year ended June 2018, Sylvania produced 71,026 ounces of platinum group metals.
Sylvania, which owns seven recovery plants in South Africa which treat tailings, has reported last quarter net revenue of USD20.2 million, 10% higher year-on-year, with earnings before interest, tax, depreciation, and amortisation climbing 14% to USD9.3 million.
"In April we set out to achieve a record target for the fourth quarter. I am pleased to report the Sylvania dump operations did not only reach this quarterly production record, but also achieved the annual guidance revised at the half year, resulting in an annual company production record of 72,090 ounces for the financial year ending June," said Chief Executive Terry McConnachie.
"Following a challenging start to the year, there was significant operational improvement during the quarter and I would like to thank the operations teams and management for their continued dedication and hard work."
"Due to the four-month payment agreement with our off-taker, this quarter's solid performance will contribute to an increase in our cash on hand during financial 2020 which, combined with the decreased production costs, means we are in a strong financial position moving forward," McConnachie continued.
"I am optimistic about what the next quarter and new financial year will bring for the company and shareholders."
Sylvania shares were 1.7% lower on Wednesday afternoon in London at 34.40 pence each.
Sylvania Platinum (SLP)