Eastern Platinum (Eastplats) says its revenue for the three months ended March 31, 2024, decreased 12.9% to $15.7 million compared to $18 million in restated first quarter of 2023.
Eastplats’ majority of revenue, approximately 93% for the first quarter of 2024 is from chrome
concentrate sales to third parties.
Its mine operating income increased by $1.8 million or 49.5% to $5.3 million in the first quarter.
“We are encouraged by the first quarter results despite the challenging PGM market price environment,” said Eastplats chief executive Wanjin Yang.
“Our focus is on chrome recoveries from the remaining tailings resource as we approach the end of the retreatment project. We expect to start earning chrome and PGM revenue from the Zandfontein underground section at the CRM in June as we ramp up run-of-mine tonnages.”
Operating loss was $ 300,000 in the first quarter compared to an operating income of $1.8 million in the restated first quarter of 2023.
Meanwhile, Eastplats produced 385,299 tonnes of chrome in the first quarter of 2024 compared to 631,954 tonnes a year earlier.
It recovered 1,475 ounces of PGM 6E in the first quarter of 2024 from the previous year’s 2,134 ounces of PGM 6E.
Eastplats owns, directly and indirectly, several PGM and chrome assets in South Africa.
All of the company’s properties are situated on the western limb (Crocodile River Mine) and eastern limb (Kennedy’s Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the geological
environment that hosts approximately 80% of the world’s PGM-bearing ore.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
