Eastplats, which owns platinum group metal (PGM) and chrome assets in South Africa, has recorded a 43% growth in revenue for the year ended December 31, 2020, of $56.1 million compared to $39.2 million in the prior year.
It said the revenue growth is due to the strong operating results from the retreatment project.
It, however, recorded a net loss to equity shareholders of $8 million or loss of $0.08 per share for the year ended December 31 compared to earnings to equity shareholders of $100 000 or earnings of $0.00 per share for the prior year, resulting from an increase in non-cash finance costs, foreign exchange losses and the legal settlement with AlphaGlobal.
Eastplats generated about 134 tonnes of pressed filter cake PGM concentrate and delivered 32.18 tonnes in 2020.
It completed the reconfiguring and optimisation of the PGM Circuit D early this year, which also includes funding for some of the initial work required to restart the main PGM plant circuit.
The company also reported 987,003 tonnes of chrome concentrate production, a 68% increase from 2019 production.
"Circuit D's first full month of production is an important breakthrough for the company," Eastplats chief executive Diana Hu.
"It not only created a new revenue stream in addition to the company's chrome production but will also assist and accelerate the recommissioning of the PGM Main Circuit, which is expected to add a further 600 t to 800 t a month of PGM concentrates from September, a significant boost to the company's operation and revenue growth."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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