Sylvania says its platinum group metals (PGMs) output dropped by 5% quarter-on-quarter to 17 420 oz in the third quarter ended March 31 2021 in line with its projections for the quarter, which is historically a lower-producing quarter.
The Aim-listed miner, which has operations in South Africa, accrued $74.2-million of net revenue from its Sylvania Dump Operations (SDO) for the quarter compared to $43.7-million recorded in the second quarter of the 2021 financial year.
Its core earnings for the third quarter jumped to $58.7-million from $29.1-million in the second quarter.
Sylvania’s net profit also leapt to $41.3-million from the second quarter’s $20.3-million, allowing it to pay a dividend of $14.3-million.
“The group has benefited from a strong PGMs basket price, boosted by the high rhodium price, as well as the recent performance of both iridium and ruthenium which contributed to the record profits for the quarter,” said company chief executive Jaco Prinsloo.
He said the group was on course to produce about 70 000 oz of PGMs for the full financial year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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