Wednesday, October 27, 2021

Sylvania Platinum Restricted – First Quarter Report back to 30 September 2021

Sylvania (AIM: SLP) is happy to announce the outcomes for the quarter ended 30 September 2021 (‘Q1’ or the ‘quarter’)….

By Staff , in Platinum , at October 27, 2021

Sylvania (AIM: SLP) is happy to announce the outcomes for the quarter ended 30 September 2021 (‘Q1’ or the ‘quarter’).

Except in any other case said, the consolidated monetary data contained on this report is offered in United States {Dollars} (‘USD’)


Document PGM efficiency by Tweefontein contributed in direction of Sylvania Dump Operations (‘SDO’) attaining 15,771 4E PGM ounces in Q1 (This autumn FY2021: 16,289 ounces) regardless of the non permanent manufacturing suspension at Lesedi; SDO recorded $29.8 million internet income for the quarter (This autumn FY2021: $48.4 million) impacted by 29% lower in gross PGM basket worth; Group EBITDA of $13.6 million (This autumn FY2021: $28.7 million); Web revenue of $8.6 million (This autumn FY2021: $14.7 million) and Money stability of $132.7 million (This autumn FY2021: $106.1 million).


The non permanent suspension of operations at Lesedi prolonged by way of Q1 and might be ramped as much as regular capability in direction of the tip of Q2, as hydro-mining of the affected tailings dam facility commenced on the finish of September and Decrease than deliberate RoM and present arising PGM feed grades and related restoration effectivity at Mooinooi impacted ounce manufacturing through the quarter and we’re working with host mines to optimise grades at supply.


Increased throughput charge and restoration efficiencies achieved by Tweefontein, which set a brand new month-to-month SDO document of two,209 manufacturing ounces through the previous quarter, is anticipated to proceed through the monetary 12 months and can help to mitigate the affect of Lesedi’s decrease manufacturing; Development on the brand new tailings dam facility at Lesedi is underway with completion scheduled for Q3; The secondary milling and flotation (‘MF2’) initiatives at Lesedi and Tweefontein are on observe to begin contributing in direction of manufacturing as deliberate through the 2023 calendar 12 months and The Group maintains sturdy money reserves to permit funding of capital growth and course of optimisation initiatives; the safeguarding of workers throughout these instances of uncertainty; upgrading the Group’s exploration and analysis property and returning worth to all stakeholders.

Commenting on the Q1 outcomes, Sylvania’s CEO, Jaco Prinsloo stated: ‘I’m delighted by Tweefontein attaining 2,209 ounces throughout September 2021, which is a brand new month-to-month document on each a plant degree and throughout all operations and contributed in direction of a strong quarterly efficiency by the operations to attain 15,771 ounces for the quarter, regardless of the interruption at Lesedi. Though the deliberate precautionary non permanent cease at Lesedi has resulted in roughly 1,100 ounces manufacturing loss for the plant since early August, I’ve to commend our administration crew and consultants by way of their efforts to make sure we protect the integrity of the ability and for the measures put in place to renew manufacturing. ‘The 29% discount in PGM basket worth had a major affect on the income for the quarter and likewise resulted in a considerable gross sales adjustment for the earlier quarter’s manufacturing that was forecast at larger steel costs. The worldwide pc chip scarcity that at present impacts new motorcar manufacturing and autocatalyst demand, is without doubt one of the most vital elements driving the basket worth motion. Most analysts solely forecast this situation to be resolved by late 2021 or early 2022. PGM costs are nevertheless, nonetheless considerably larger than historic ranges and by specializing in the areas that administration can management, I’m positive that we’ll proceed to generate worth to shareholders. ‘I’m happy to report that there’s a regular uptick in PGM feed supply grade and recoveries, regardless of the receipt of a decrease quantity of plant feed on this quarter, and that the prices of manufacturing are displaying some enchancment. Our capital initiatives, absolutely funded from present money reserves, are progressing properly and I’m optimistic that the outcomes of those efforts will steadily present themselves as we navigate our means by way of FY2022 and we stay assured achieve our annual manufacturing goal of 70,000 ounces


Tel: +27 11 673 1171

About Sylvania Platinum Restricted

Sylvania Platinum is a lower-cost producer of platinum group metals (PGM) (platinum, palladium and rhodium) with operations positioned in South Africa. The Sylvania Dump Operations (SDO) includes six chrome beneficiation and PGM processing vegetation specializing in the retreatment of PGM-rich chrome tailings supplies from mines within the Bushveld Igneous Advanced. The SDO is the biggest PGM producer from chrome tailings re-treatment within the trade. The Group additionally holds mining rights for PGM initiatives and a chrome prospect within the Northern Limb of the Bushveld Advanced

The knowledge contained inside this announcement is deemed by the Firm to represent inside data as stipulated underneath the Market Abuse regulation (EU) no.596/2014 as amended by the Market Abuse (Modification) (EU Exit) Rules 2019. For the needs of MAR and Article 2 of Fee Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Firm by Jaco Prinsloo.

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