Sylvania on track to meet revised FY19 production guidance
Sylvania Platinum CEO Terry McConnachie remains confident that Sylvania will achieve its revised production guidance of between 73 000 oz and 76 000 oz for the full 2019 financial year.
The company’s Sylvania Dump Operations (SDO) had achieved only a marginal increase in production to 34 045 oz of platinum, palladium, rhodium and gold (4E) during the six months ended December 31, 2018.
Revenue generated for the six-month period amounted to $32.1-million, a 14% improvement on the six months ended December 31, 2017.
Earnings before interest, taxes, depreciation and amortisation (Ebitda), meanwhile, increased by 19% to $12.3-million from $10.3-million in the prior comparable period.
Its net profit, meanwhile, increased by 29% to $6.95-million.
Platinum group metals (PGMs) grade and recovery optimisation capital projects were commissioned at the Millsell, Doornbosch and Tweefontein operations, the PGMs producer said in a statement on Monday.
A maiden dividend of 0.35p per ordinary share was paid.
The six-month period under review was not without its challenges, the producer said, some of which included power utility infrastructure and supply issues, as well as “abnormal summer heat and drought conditions” having resulted in water shortages.
The tailings dump currently being re-mined at Doornbosch is approaching its end of life, which is resulting in an inconsistent grade and mining downtime.
Additionally, Sylvania saw a lower percentage of fresh current arisings feed received from the host mines at both Tweefontein and Millsell related to underground incidents external to its operations during the second quarter.
Meanwhile, Project Echo’s MF2 module for Mooinooi has been fast-tracked to mitigate the impact of the delay to the Tweefontein MF2 module owing to power availability, and has been scheduled for commissioning in the second half of the 2019 financial year.
Other opportunities for Sylvania include the relocation of the redundant Steelpoort chrome circuit to Lesedi, which is in progress and will improve chrome removal ahead of flotion and enable a higher PGM feed.
Improved PGM fines classification circuits were commissioned at the Millsell, Doornbosch and Tweefontein operations during the past quarter and will contribute towards the PGM ounce profile during the second half of the 2019 financial year.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation