Eastern Platinum’s revenue decreased 48.6% to $18.8 million in the second quarter of 2024 compared to $36.6 million, a year earlier.
It said its revenue since the beginning of the year dropped to $34.5 million from the previous year’s $54.7 million, representing a $20.2 million or 36.9%, decrease.
The company derived revenue from the processing of platinum group metal (PGM) and chrome concentrates at the Crocodile River Mine in South Africa.
Net income attributable to equity shareholders has been $2.6 million since the beginning of the year, compared to $7.3 million attributable to equity shareholders during the same period in 2023.
The decrease in net income was mainly attributable to lower gross margins earned on year-to-date chrome sales, offset by a decrease in finance costs.
Eastern Platinum said year-over-year production also decreased between the second quarter of 2023 and the second quarter of 2024 due to inclement weather and operational challenges incurred in the current period, as lower grade sections of the tailings storage facility (TSF), containing vegetation and other impediments, were being processed.
It produced 1, 060 PGM 6E ounces in the second quarter compared to 1,973 PGM 6E ounces, a year earlier while 72, 305 tonnes of chrome concentrate were produced from the previous year’s 127,122 tonnes.
“We continue to focus our efforts on ramping up production in the Zandfontein underground section at the Crocodile River Mine and expect to process the run-of-mine ore soon,” said company chief executive Wanjin Yang.
“We are all working hard to improve chrome recoveries from the remaining tailings resource.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
