TIDMPPN
RNS Number : 3793M
Platmin Limited
15 August 2011
METAL SALES AT RECORD HIGH IN SECOND QUARTER
Illegal disruptions set back production build-up
15 August, 2011, TORONTO: Platmin Limited ("Platmin" or "the
Company") today announced production results from the Pilanesberg
Platinum Mine ("PPM") and financial results for the quarter and
half-year ended June 30, 2011. This release should be read in
conjunction with the Company's June 30, 2011 Quarterly Financial
Statements and Management Discussion & Analysis for the quarter
and half-year ended June 30, 2011, both of which are available at
www.platmin.com and filed on www.sedar.com.
Operations
Sales of 4E PGM ounces ("oz") were as follows:
-- for the June 2011 month - 9,258oz or about 110,000oz
annualized;
-- for the quarter ended June 30, 2011 - 21,888oz, an increase
of over 100% compared with 10,870oz in the prior corresponding
period; and
-- for the half-year ended June 30, 2011 - 39,791oz, an increase
of 58% compared with 25,259oz in the prior corresponding
period.
Volumes treated in the concentrator continue to improve. Between
January and June 2011, the monthly tonnes milled increased from
207kt to 277kt and improvements to recoveries are evident when
consistent ore volumes with similar physical and chemical
properties are processed.
On June 23, illegal disruptions by a small group of employees of
the Company's mining contractor (MCC - a wholly-owned subsidiary of
Eqstra Holdings Limited) resulted in serious damage to certain
items of MCC's equipment and interrupted mining operations.
However, PPM's concentrator continued to operate, processing
stockpiles of oxidized material.
Mining operations have resumed in full for the three operating
shifts per day. However, as a direct consequence of the equipment
damage and the reorganisation described below, the projected
production ramp-up to 12,000oz per month by the end of 2011, could
be delayed by three to six months.
The final documentation for the revised environmental management
plan has been submitted to the Department of Mineral Resources and
a reply is expected during Q3 FY2011.
Financial performance
Sales revenue was:
-- for the quarter-ended June 30, 2011 - US$34.5 million, an
increase of approximately 130% compared with US$15.0 million
recorded in the prior corresponding period; and
-- for the half-year ended June 30, 2011 - US$60.5 million, an
increase of approximately 80% compared with the prior corresponding
period.
The increases in sales revenues were due to higher metal sales
and an increase in PGM basket prices in US dollar terms over the
period. However, the benefit of the improved US dollar PGM basket
price was somewhat offset by the strength of the Rand, resulting in
marginal decreases of the Rand PGM basket prices received compared
with the prior corresponding periods.
The Company recorded net losses for the quarter and half-year
ended June 30, 2011 of US$23.2 million and US$58.0 million
respectively, equivalent to losses per share of US$0.02 and
US$0.05.
The Company is evaluating the merit of its current listings on
the TSX, AIM and JSE and the potential merits of alternatives.
Outlook
Tom Dale, CEO of Platmin noted that although work had resumed in
the Tuschenkomst pit, a focus on sound industrial relations and
long-term industrial peace was required. "MCC, the mining
contractor, and the NUM have committed to this and external
agencies, skilled in relationship building, are being brought in,"
he said.
"MCC has indicated that it is currently unable to haul the
volumes of rock budgeted at the PPM site due to extensive damage to
the fleet. As a result, PPM intends bringing in an additional
mining contractor.
"In order that PPM, MCC and the new contractor might focus on
core competencies, separation of drilling, blasting and load and
haul activities is being discussed. Load and haul would be further
separated into waste and reefing operations. PPM plans to take
direct control of drilling and blasting in order to optimize
mineral resource management and improve pit conditions.
Mr Dale continued, "The planned changes could take up to six
months to implement and will create clear areas of accountability
among the various parties. Prior to the industrial action, we were
on our way to achieving breakeven and full production. We are
confident that, once the revised operating structures are
functioning, we will get back on track."
For further information:
Charmane Russell Russell and Associates +27 11 880 3924 +27 82
372 5816
Charles Batten
Investec
+44 (0) 207 597 5184
Cautionary note regarding forward-looking statements
This market release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
future financial and operating performance of Platmin Limited (the
"Company" or "Platmin"), its subsidiaries and affiliated companies
(which together with Platmin is referred to as "the Platmin Group"
or "the Group"), and its mineral projects, the future price of 4E
PGMs (being platinum, palladium, rhodium and gold), 4E PGM
production levels, mining rates, the future price of other base
metals, future exchange rates, the estimation of mineral resources
and reserves, the realization of mineral resource estimates or
their conversion into reserves, costs and future costs of
production, capital and exploration expenditures, including ongoing
capital expenditure at PPM, costs and timing of the development of
new deposits, costs and timing of the development of new mines,
costs and timing of future exploration, requirements for additional
capital, government regulation of mining operations and exploration
operations, timing and receipt of approvals, licenses, and
conversions under South African mineral legislation, environmental
risks, title disputes or claims, limitations of insurance coverage
and the timing and outcome of regulatory matters. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates",
"targeted" or "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements in this market release, amongst
others, forecast production reaching a monthly rate of 12,000 4E
PGM ounces by the end of FY2011 and 20,000 4E PGM ounces of by the
end of FY2012 provided the planned volumes of waste stripping can
be achieved; lodging of an amended environmental management plan in
August 2011; recovery rates and grade; targets, estimates and
assumptions in respect of 4E PGM prices and production; allocation
of funds for current commitments; and the timing and completion of
definitive feasibility engineering studies at the Mphahlele,
Grootboom and Loskop Projects.
Such forward-looking statements are based on a number of
material factors and assumptions, including, that contracted
parties provide goods and/or services on the agreed time frames,
that budgets and production forecasts are accurate, that equipment
necessary for construction and development is available as
scheduled and does not incur unforeseen break downs, that no labour
shortages or delays are incurred, that plant and equipment function
as specified, that geological or financial parameters do not
necessitate future mine plan changes, that no unusual geological or
technical problems occur, and that grades and recovery rates are as
anticipated in mine planning.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, general business, economic,
competitive, political and social uncertainties; the actual results
of current exploration and mining activities; development and
operational risks; title risks; regulatory risks; conclusions of
economic evaluations and studies; fluctuations in the value of the
United States dollar relative to the Canadian dollar or South
African rand; changes in project parameters as plans continue to be
refined; future prices of 4E PGM metals; possible variations of ore
grade or recovery rates (including the existence of potholes,
faults and other geological conditions that may affect the
existence or recovery of resources and reserves); failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes, industrial unrest and strikes and other risks of the
mining industry; political instability, insurrection or war; the
effect of HIV/AIDS on labour force availability and turnover;
delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, as well as
those factors communicated in the section entitled "Risk Factors"
of Platmin's current annual information form ("AIF") and its final
short form prospectus dated May 5, 2010, which can both be viewed
at www.sedar.com. Although Platmin has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended.
Forward-looking statements contained herein are made as of the
date of this market release and Platmin disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements due to the inherent uncertainty therein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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