Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Eastplats grows Q2 net income due to higher third-party chrome sales

15 august 2023

Eastern Platinum (Eastplats) reported $7.7 million in net income attributable to equity shareholders for the quarter that ended June 30, up from $ 1.2 million in the second quarter of 2022.

The second quarter's revenue climbed to $36.6 million from $20.5 million in the preceding comparable period.

The miner attributed the higher net income to higher third-party chrome sales at the Crocodile River Mine (CRM) and lower quarterly operating costs.

“We are pleased to show a strong financial and operating performance during the second quarter, which has been supported by chrome market prices,” said Eastplats chief executive and president Wanjin Yang.

“We continue to move towards a soft restart of the Zandfontein underground section of the CRM, and expect the initial processing of upper group two (UG2) chromitite ore to begin later this year.”

Eastplats' subsidiary Barplats Mines' tailings facility at the CRM in South Africa produces chrome concentrate from its retreatment project.

Approximately 94% of the company's second-quarter revenue was produced by the sale of chrome concentrate.

The company also generates money from the sale of PGM concentrates following an offtake agreement with local mining company Impala Platinum.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished