Eastern Platinum Reports Results for the Three Months Ended June 30, 2013
August 14 2013 - 1:57PM
Marketwired
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited
("Eastplats" or the "Company) (TSX:ELR)(AIM:ELR)(JSE:EPS) reports
financial results for the three months ended June 30, 2013.
Summary of results for the three months ended June 30, 2013 ("Q2
2013"):
-- An impairment charge of $147,787,000 was recorded against Crocodile
River Mine during the quarter.
-- Eastplats recorded a loss attributable to equity shareholders of the
Company of $139,710,000 ($0.15 loss per share) in the quarter ended June
30, 2013 compared to a loss of $86,421,000 ($0.09 loss per share) in the
quarter ended June 30, 2012 ("Q2 2012").
-- Adjusted EBITDA was negative $8,116,000 in Q2 2013 compared to negative
$4,599,000 in Q2 2012.
-- PGM ounces sold decreased 41% to 15,474 ounces in Q2 2013 compared to
26,412 PGM ounces in Q2 2012.
-- The U.S. dollar average delivered price per PGM ounce decreased 1% to
$890 in Q2 2013 compared to $902 in Q2 2012.
-- The Rand average delivered price per PGM ounce increased 15% to R8,428
in Q2 2013 compared to R7,324 in Q2 2012.
-- Total Rand operating cash costs decreased 14% to R202 million in Q2 2013
compared to R235 million in Q2 2012.
-- Total Rand operating cash costs included one-time retrenchment costs at
CRM of approximately R52 million ($5.5 million).
-- Rand operating cash costs net of by-product credits increased 57% to
R11,611 per ounce in Q2 2013 compared to R7,390 per ounce in Q2 2012.
Rand operating cash costs increased 47% to R13,069 per ounce in Q2 2013
compared to R8,881 per ounce in Q2 2012.
-- U.S. dollar operating cash costs net of by-product credits increased 35%
to $1,226 per ounce in Q2 2013 compared to $910 per ounce achieved in Q2
2012. U.S. dollar operating cash costs increased 26% to $1,380 per ounce
in Q2 2013 compared to $1,094 per ounce in Q2 2012.
-- Excluding one-time retrenchment costs, operating cash costs reduced to
R9,694 per ounce ($1,024 per ounce) and operating cash costs net of by-
product credits reduced to R8,251 per ounce ($871 per ounce).
-- The Company's Lost Time Injury Frequency Rate (LTIFR) was 3.44 in Q2
2013 compared to 1.17 in Q2 2012.
-- At June 30, 2013, the Company had a cash position (including cash, cash
equivalents and short term investments) of $104,763,000 (December 31,
2012 - $130,925,000).
For complete details of financial results, please refer to the
unaudited condensed consolidated interim financial statements and
accompanying Management's Discussion and Analysis ("MD&A") for
the three months ended June 30, 2013. These financial statements
and MD&A, and the comparative financial statements for the
three months ended June 30, 2012 are all available on SEDAR at
www.sedar.com and on the Company's website www.eastplats.com.
The qualified person having reviewed the operating disclosures
presented in this press release is Mr. Brian Montpellier, P. Eng,
V.P. Project Development.
Total shares issued and outstanding - 928,187,807
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking
statements, is intended to provide readers with a reasonable basis
for assessing the financial performance of the Company. All
statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the
Company, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include,
but are not limited to, fluctuations in the currency markets such
as Canadian dollar, South African Rand and U.S. dollar,
fluctuations in the prices of PGM and other commodities, changes in
government legislation, taxation, controls, regulations and
political or economic developments in Canada, the United States,
South Africa, or Barbados or other countries in which the Company
carries or may carry on business in the future, risks associated
with mining or development activities, the speculative nature of
exploration and development, including the risk of obtaining
necessary licenses and permits, and quantities or grades of
reserves. Many of these uncertainties and contingencies can affect
the Company's actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Readers are cautioned that forward-looking statements are not
guarantees of future performance. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those acknowledged in
such statements. Specific reference is made to the Company's most
recent Annual Information Form on file with Canadian provincial
securities regulatory authorities for a discussion of some of the
factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except to the extent
required by applicable laws.
Contacts: Eastern Platinum Limited Ian Rozier President &
C.E.O. +1-604-685-6851 +1-604-685-6493 (FAX)info@eastplats.com
www.eastplats.com
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