Johannesburg – Eastern Platinum
has reported a widening in its losses for the
quarter ended June to a loss of $0.09 from a loss of $0.01 a year
Its attributable loss widened to
$85.67m from a loss of $7.95m a year earlier.
It recorded an impairment charge of
$88.28m on its Eastern Limb properties during Q2.
PGM ounces sold increased 29% to 26 412
ounces in Q2‚ but the US dollar average delivered price per PGM
ounce decreased 19% to $902 compared to $1 113 in Q2 2011.
The rand average delivered price per
PGM ounce decreased 3% to R7 324.
Total rand operating cash costs
increased 11% to R235 and rand operating cash costs net of by-product
credits decreased 9% to R7 390 per ounce in Q2 2012 compared to R8
119 per ounce in Q2 2011.
Rand operating cash costs decreased 14%
to R8 881 per ounce while US dollar operating cash costs net of
by-product credits decreased 24% to $910 per ounce.
At end June 2012‚ Eastplats had a
cash position of $167.87m compared with $250.80m at the end of
Eastplats said that following its
announcement in May 2012 of its proposed plan for the suspension of
development of the Mareesburg open-pit mine and construction of the
Kennedys Vale concentrator‚ the construction work had wound down
efficiently following a coordinated plan.
The project will be an estimated 40%
complete and is forecast to be on full care and maintenance by the
end of September 2012.
It also reported that its
implementation of a comprehensive mine development plan at the
Crocodile River Mine was progressing well.
As a result of the temporary suspension
of stoping at the Zandfontein section while continuing "on-reef"
mining operations at the Maroelabult section‚ the company expects
production for the full year of 2012 to be approximately 75 000 PGM
ounces and for the full year of 2013 to be approximately 60 000 PGM
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