Bheki Mpofu
16 November 2009
Johannesburg — CANADIAN platinum producer Eastern Platinum (Eastplats) recorded a net profit in the quarter ended September, the third successive quarter this year that the company has been in the black.
Eastplats, Canada's leading producer of platinum group metals (PGM) and SA's sixth-largest, reported on Friday a net profit of 1,84m compared to a net loss of 10,8m in the third quarter last year. This despite interruptions due to strikes in July at the company's Crocodile River mine in SA, lower prices for the metal, and volatile exchange rates.
"We will continue to focus on safety and on lowering our costs at Crocodile River mine and we are moving forward on our other projects such that they will be 'ready to go' as economic conditions continue to improve," CEO Ian Rozier said.
Production at Crocodile River mine fell to 29986oz compared to 30758oz in the corresponding quarter last year .
The decrease in production ounces and production efficiencies led to a 37% increase in operating cash costs per ounce from 554/oz in the second quarter to 758/oz in the third quarter.
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