Production boost lifts Sylvania Platinum half-year results
Sylvania Platinum Ltd on Tuesday announced strong results for the first half of its financial year, saying that its dump operations posted record results due to an increase in both platinum ore feed and grades.
The Bermuda-based platinum group metals producer said it recorded gross revenue of $83.8 million for the half year ended December 31, more than doubling from $40.0 million the year prior.
Pretax profit almost quadrupled to $36.7 million from $9.7 million year-on-year.
Net profit more than tripled in a year to $23.7 million from $7.2 million a year ago, despite the adjustment force by a non-cash impairment loss of $12.3 million the company suffered on its Hacra exploration asset as it decided not to invest further into the asset, registering the loss of the purchase price and further investments.
Sylvania also announced an interim dividend of 2 pence per share, equal to the final dividend of the previous financial year and almost triple the amount from 0.75 pence a year prior.
Additionally, the company set aside about $2.5 million for a possible buyback programme, and said it is maintaining its upwardly revised output target of up to 93,000 ounces of platinum grade materials and between 60,000 and 90,000 tonnes of chrome concentrate.
Sylvania’s Chief Executive Officer Jaco Prinsloo said: ‘I am delighted with our record half year production of 49,164 ounces of four-elements platinum grade materials, which is also the second consecutive year of beating our half yearly forecast...Looking ahead to the second half of the financial year, we continue to build on the momentum of the past six months.
‘As announced on January 27, we increased the full year production guidance...We are also progressing with continuous operational performance improvements across our portfolio including the optimisation of feed sources, throughput, recoveries, and cost-saving initiatives.’
Sylvania shares were up 0.8% to 121.00 pence each on Tuesday afternoon in London.
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