Vancouver-based Eastern Platinum has increased its revenue for the three months ended June 30, 2021 to about $20 million compared to $9.3 million, a year earlier.
It said revenue for the six months ended June 30 rose by 56.2% to $36.7 million from the previous year’s $23.5 million.
“We are encouraged by the results from the second quarter as Eastplats continues its positive revenue growth and profitability through the Retreatment Project; increasing PGM capacity including through the PGM Main Circuit, which is expected to commission in the near future; and developing our other projects in the eastern limb of the Bushveld Complex,” said company chief executive Diana Hu.
The company’s majority of revenue is generated from the offtake agreement with Union Goal concerning chrome concentrate production from the retreatment project.
The remaining revenue comes from PGM concentrate sales to Impala Platinum.
Eastplats said its net income attributable to shareholders leapt to $3.3-million, representing earnings attributable to shareholders of $0.02 apiece.
Meanwhile, South Africa’s average grade of chrome production in the second quarter remained constant year-on-year, at 38.5%, while its chrome concentrate production jumped from 214 994 tonnes to 223 487 t.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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