Eastplats widens losses, however posts increased income for the Sept quarter

JSE-listed Jap Platinum’s (Eastplats’) income elevated by 8.1% year-on-year to $17.2-million for the quarter ended September 30.

This introduced its income for the year-to-date to $55.1-million, representing a 4.8% year-on-year enhance.

Mine working revenue elevated by $2.5-million, or 133.6%, to $4.4-million within the third quarter, leading to an improved gross margin of 25.7%, in contrast with 11.9% within the third quarter of 2021.

Eastplats reported a web loss attributable to fairness shareholders of $4.1-million for the third quarter, in contrast with a web loss attributable to fairness shareholders of $2.5-million.

The widened web loss was largely attributable to a bigger overseas trade loss owing to the numerous depreciation of the rand to the greenback within the interval underneath evaluation.


The corporate continues its retreatment undertaking at Barplats Mines’ tailings facility situated on the Crocodile River mine (CRM), in South Africa.

Nearly all of the corporate’s income is generated from the offtake settlement with Union Purpose Offshore Answer in relation to chrome focus manufacturing from the retreatment undertaking. The remaining income was generated from platinum group steel (PGM) focus gross sales to Impala Platinum.

Eastplats is at present owed about $16.4-million from Union Purpose in accounts receivable from processing and dispatching chrome focus, along with $2.6-million for chrome focus not but invoiced.

Administration says it continues to speak with Union Purpose to find out an agreeable final result. It nonetheless expects to obtain all monies owed to it and can pursue all industrial choices obtainable to it to gather these quantities.

“We proceed to give attention to reaching a industrial end result to scale back Union Purpose’s excellent receivables. Moreover, we’re working with our South African administration staff to scale back manufacturing prices.

“We stay dedicated to the Zandfontein underground restart plan, and anticipate the preliminary processing of the higher group two chromitite ore within the first quarter of 2023,” says CEO and president Wanjin Yang.


Eastplats’ targets embrace working and optimising the retreatment undertaking and maximising returns.

It’s pursuing completion of the optimisation programme for the retreatment undertaking (ongoing); the continuing working and optimising of the PGM Circuits; the continuing elevating of capital to speed up the restart of Zandfontein underground operations on the CRM; and to finish the second part of the tailings storage facility capital works programme.

Eastplats will even look to advance the Mareesburg undertaking’s environmental work to finish the authorized evaluation on the environmental-impact evaluation (EIA) and different environmental research and amendments; proceed prospecting and evaluation work in relation to the Zandfontein, Crocette and Spitzkop orebodies; preserve engaged on the EIA evaluation, and construction and geology-related drill programme at Spitzkop; and full the EIA and evaluation work relating to a vertical furnace and pelletiser of chrome focus.

It can additionally replace different capital assessments upon completion of capital fundraising.

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