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Sylvania Platinum first-quarter profit rises on higher prices

By BFN News | 09:33 AM | Wednesday 28 October, 2020


Platinum group metals producer Sylvania Platinum posted a rise in first-quarter profit after it benefited from higher metal prices. Net profit for the three months through September increased to $21.0 million, up from $12.5 million year-on-year. Sylvania's operations declared production of 17,972 4E platinum group metal ounces, down from 20,797 ounces year-on-year, but up from 9,055 ounces in the previous quarter. Chief executive Jaco Prinsloo said the output performance was 'solid', following a steady return to full capacity following the Covid-19 outbreak and associated lockdowns. He pinned on the fall in year-on-year output on reduced mining operations of certain host mines, which continued to impact on feed grades. Prinsloo said the company still expected to meet its annual output target of around 70,000 ounces. At 9:33am: (LON:SLP) Sylvania Platinum Ltd share price was +0.2p at 70p Story provided by StockMarketWire.com

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