Eastplats' first-half income falls on lower chrome sales volumes
Platinum group metal (PGM) and chrome miner Eastern Platinum (Eastplats) has reported net income attributable to equity shareholders of $2.6-million for the six months ended June 30, compared with the $7.3-million reported for the first half of 2023.
Eastplats, which owns assets on the western and eastern limbs of the Bushveld Complex in South Africa, attributed the lower income to lower gross margins earned on chrome sales.
Chrome concentrate production decreased to 152 187 t in the first half of this year, compared with the 274 221 t produced in the first half of 2023.
PGM production also decreased, to 2 548 oz, compared with the 4 108 oz produced in the prior comparable period.
Revenue for the interim period decreased to $34.5-million, from $54.7-million in the prior half-year period.
Chrome concentrate sales to third parties contributed the majority of the company's revenue.
"We continue to focus our efforts on ramping up production in the Zandfontein underground section at the Crocodile River mine and expect to process the run-of-mine ore soon.
"We are all working hard to improve chrome recoveries from the remaining tailings resource," comments CEO Wanjin Yang.
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