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Platinum group metals producer Sylvania Platinum reported a deep fall in fourth-quarter profit after its operations were disrupted by Covid-19 lockdowns in South Africa.
Net profit for the six months through June dropped 92% on-quarter to $2.2m amid a 65% slump in revenue to $29.6m.
Quarterly production of platinum group metals (PGM) fell 55% to 19,968 ounces, on a 4E basis.
Sylvania Platinum said its dump operation had been running at full capacity since June.
'There is no denying that the unprecedented nature and circumstances under which the operations performed during the past quarter is one to go down not only in the history of the company, but in industries worldwide,' chief executive Jaco Prinsloo said.
'The dump operation produced 9,055 4E PGM ounces for the quarter despite an almost six-week interruption related to the national lockdown to prevent the spread of Covid-19 in South Africa, and associated restrictions and limitations placed upon the subsequent start-up in May, with progressive ramp-up to full production in June 2020.'
'As a result, the company is pleased to report that it has produced 69,026 4E PGM ounces for the financial year.'
At 8:56am: (LON:SLP) Sylvania Platinum Ltd share price was +2.6p at 49.5p