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Johannesburg - Wesizwe Platinum [JSE:WEZ] does not expect to earn revenue until 2019 after posting a loss for the six months to June.
The loss for the six months under review is R3.8m compared to R94.4m for the same period in 2013.
The basic loss per share for the period was 0.23 cents per share from 5.80 cents per share, while the headline loss per share was 0.23 cents from 5.80 cents per share.
No dividend was declared.
"As the group is currently in development phase of the Bakubung Platinum Mine, it will not earn revenue until 2019, when the concentrator plant is brought into production," said the mid-tier mining company.
Wesizwe financial director Michael Ma spoke to Fin24 about the company's achievements in the six months to June.
Listing its highlights‚ Ma noted that a total of 550 787 fatality free shifts had been worked at the Bakubung Platinum Mine project, which is funded by China.
He said the main shaft reached a depth of 581m and Vent shaft a depth of 693m.
Ma also said Wesizwe made the first drawdown of about $200m on the $650m project loan from China Development Bank (CDB) in January and later another $100m.
Wesizwe Platinum's Bakubung mine, which aims to churn out 350 000 ounces of platinum group metals a year by 2023, is set to be up and running in 2017, said Ma.
Watch: Wesizwe eyes early start for platinum mine
- Fin24
