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
