REG - Sylvania Platinum - Half-year Report <Origin Href="QuoteRef">SLPL.L</Origin>
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RNS Number : 8875F
Sylvania Platinum Limited
26 February 2018
____________________________________________________________________________________________________________________________
26 February 2018
Sylvania Platinum Limited
("Sylvania", "the Company" or "the Group")
AIM (SLP)
Interim financial results for the six months ended 31 December 2017
The Directors are pleased to present the interim financial results for the six
months ended 31 December 2017. Unless otherwise stated, the consolidated
financial information contained in this report is presented in USD.
Achievements
· Acquisition of Phoenix Platinum Mining (Pty) Ltd, renamed Sylvania
Lesedi, completed in November 2017 and operation successfully integrated into
the SDO;
· First two modules of Project Echo successfully commissioned during
December 2017 at Millsell and Doornbosch;
· SDO delivered 33,892 4E PGM ounces for the period against 35,819 4E PGM
ounces in HY1 FY2017 due in part to the scheduled closure of the Steelpoort
operation in June 2017;
· Revenue generated for the period of $28.2 million, net of pipeline
sales adjustments, was a 15% improvement on HY1 FY2017;
· General and Administration costs down 3% to $0.85 million from $0.88
million in H1 FY2017; and
· Group EBITDA of $10.3 million for the period increased 12% on the
corresponding period in the previous financial year, while net profit improved
19%.
Challenges
· PGM ounce production guidance revised to between 71,000 ounces and
75,000 ounces for FY2018 due to lower PGM feed grades at Millsell and Mooinooi
during the period, and the planned delay of Tweefontein MF2 commissioning in
Q4 due to power distribution constraints to the mine;
· Group cash costs increased 18% in ZAR terms to R7,043/ounce
($526/ounce) compared to corresponding period in previous year, primarily due
to lower PGM ounces produced during the period.
Opportunities
· Improved gross basket price of $1,057/ounce during the period due to
higher Platinum and Palladium price, mitigates impact of lower PGM ounce
production and boosts profit outlook for the current financial year;
· Relatively high Rhodium content in Sylvania's PGM concentrate enables
the Company to benefit from current high Rhodium prices;
· Company remains debt free with a positive Group cash balance of $12.6
million at 31 December 2017, after funding the ZAR89 million ($6.3 million)
acquisition of Sylvania Lesedi in November 2017 and $2.5 million of capital
expenditure relating to Project Echo during the period, enabling the Company
to self-fund the remaining modules of Project Echo;
· Cost and PGM recovery optimisation initiatives identified and in
progress at the Lesedi operation; and
· PGM grade and recovery optimisation initiatives, incorporating
proprietary processing modifications, identified at Millsell, Doornbosch and
Tweefontein operations to mitigate PGM ounce production impact associated with
Tweefontein MF2 delay and to sustain the forecast production profile.
Commenting on the period, Sylvania's CEO Terry McConnachie said:
"The past six months was an exciting period where the management team worked
diligently to successfully integrate the newly acquired Lesedi operation and
to deliver and commission the first two modules of Project Echo at Millsell
and Doornbosch. Although we were faced with some unique operational
challenges that affected our stated production guidance, I am pleased with the
operational team's performance and action plans to recover and to ensure
future production, cost and profit targets are achieved.
Guidance for FY2018 is between 71,000 ounces and 75,000 ounces, which we
expect to increase to approximately 78,000 ounces from FY2019 onwards."
USD Unit Unaudited Unit ZAR
HY1 2017 HY1 2018 HY1 2018 HY12017
Production
1,063,150 1,097,568 T Plant Feed T 1,097,568 1,063,150
2.40 2.46 g/t Feed Head Grade g/t 2.40 2.46
574,796 584,850 T PGM Plant Feed Tons T 584,850 574,796
4.05 3.60 g/t PGM Plant Feed Grade g/t 3.60 4.05
46.7% 48.0% % PGM Plant Recovery % 48.0% 46.7%
35,819 33,892 Oz Total 4E PGMs Oz 33,892 35,819
48,178 45,224 Oz Total 6E PGMs Oz 45,224 48,178
883 1,057 $/oz Average gross basket price R/oz 14,153 12,378
Financials
22,794 23,779 $'000 Revenue (4E) R'000 318,400 319,532
1,114 1,645 $'000 Revenue (by products) R'000 22,032 15,611
644 2,755 $'000 Sales adjustments R'000 36,894 9,025
24,551 28,180 $'000 Net revenue R'000 377,330 344,203
14,506 17,032 $'000 Operating costs R'000 228,058 203,374
877 853 $'000 General and administrative costs R'000 11,422 12,293
9,215 10,322 $'000 Group EBITDA R'000 138,213 129,190
246 330 $'000 Net Interest R'000 4,419 3,449
2,141 2,504 $'000 Taxation R'000 33,529 30,019
2,770 2,723 $'000 Depreciation and amortisation R'000 36,461 38,835
- (2) $'000 Realised Foreign exchange losses R'000 (27) (5)
4,521 5,400 $'000 Net profit R'000 72,306 63,384
973 4,509 $'000 Capital Expenditure R'000 60,376 13,641
- - Ave R/$ rate R/$ 13.39 14.02
Unit Cost/Efficiencies
405 502 $/oz SDO Cash Cost Per 4E PGM oz R/oz 6,728 5,677
301 377 $/oz SDO Cash Cost Per 6E PGM oz R/oz 5,042 4,221
425 526 $/oz Group Cash Cost Per 4E PGM oz R/oz 7,043 5,958
316 394 $/oz Group Cash Cost Per 6E PGM oz R/oz 5,268 4,430
417 532 $/oz All-in sustaining cost (4E) R/oz 7,127 5,848
434 636 $/oz All-in cost (4E) R/oz 8,515 6,090
The Sylvania cash generating subsidiaries are incorporated in South Africa
with the functional currency of these operations being ZAR. Revenues from the
sale of PGMs are incurred in USD and then converted into ZAR. The Group's
reporting currency is USD as the parent company is incorporated in Bermuda.
Corporate and general and administration costs are incurred in USD, GBP and
ZAR.
For the six months under review the average USD:ZAR exchange rate was R13.39:1
and the closing exchange rate was R12.42:1.
A. OPERATIONAL OVERVIEW
Health, safety and environment
There were no significant health or environmental incidents during the
quarter, with Lesedi, Tweefontein and Doornbosch operations remaining LTI free
for more than five years, and Lannex and Millsell remaining LTI-free for more
than two years. Unfortunately a colleague at Mooinooi suffered a LTI due to an
injury to their finger during the period.
Health, safety and environmental compliance remains a key-priority for the
Company and the combined effort between management and all the employees
across the operations, together with the overall safety culture, contribute
towards the high safety standards and plant conditions at the respective
operations
Operational performance
Strong operational performances at Tweefontein and Doornbosch, with both
exceeding treatment tons and recovery targets, combined with the attributable
1,458 ounces from Lesedi since the take-over in November 2017, assisted in
achieving 33,892 ounces for the six months ended 31 December 2017, despite
Steelpoort's scheduled end of life decommissioning in June 2017.
Although PGM feed tons were approximately 2% up compared to the corresponding
period in the previous year, overall PGM plant feed grade was down 11%,
primarily due to lower grade dump material that had to be re-mined as a result
of the new tailings dam commissioning delay at Millsell, lower grade ROM
material received from the host mine at Mooinooi, and lower feed grades of
approximately 2.80g/t 4E from the Lesedi operation since Sylvania acquired
it.
PGM recovery efficiency improved by approximately 3% during the period, this
being associated with the introduction of new flotation technology at Moonooi
since August 2017 and flotation optimisation initiatives across operations.
The SDO cash costs for the period in ZAR terms increased approximately 19% to
ZAR6,728/ounce, primarily due to lower PGM ounce production and higher dump
re-mining costs during the new tailings dam delay at Millsell. In USD terms
cash costs increased by 24% to $502/ounce, due to the additional impact of a
5% strengthening in the ZAR/USD exchange rate.
The improved PGM basket price, and associated increased sales adjustment
related to pipeline revenue for ounces produced in the previous period,
contributed towards the 15% improvement in net revenue of $28 million.
Operational challenges
There were primarily two events that had a negative impact on PGM ounce
production for the year to date:
o A delayed water use licence authorisation by authorities at Millsell
resulted in the delayed commissioning of a new tailings dam which impacted
negatively on the available dump resource grade and re-mining strategy;
§ In order not to stop production at the operation, the current tailings dump
being re-mined had to be abandoned and utilised as an emergency tailings
deposition facility during the three-month delay, which meant that coarser,
lower grade dump resources had to be treated during the interim period,
resulting in significantly lower than planned ounces at the operation;
§ The new tailings dam has been in operation since November 2017 with the
original re-mining site re-established in January 2018 and feed grades are
returning to planned levels.
o Lower than planned current arisings at Millsell and Mooinooi, as well as
lower than planned ROM material from the host mine during Q2, which carried
over into January 2018, impacted negatively on PGM plant feed grades and ounce
production;
§ Dump feed tons were increased during the period to mitigate the impact, but
due to typical lower PGM grade and recovery potential of historical dump
material compared to current arisings and ROM feed, the PGM ounce production
was negatively impacted at these sites.
§ After resuming operations post the December mining break, the host mines are
ramping up production again and PGM feed tons and grades are normalising.
Lesedi integration
In November 2017 the acquisition of Phoenix Platinum Mining (Pty) Ltd, now
renamed Sylvania Lesedi, was completed with all the conditions precedent
fulfilled. The cash purchase price of ZAR89 million was funded internally and
Sylvania took over the operations effective 7 November 2017.
Since integration, the primary focus has been on increasing plant production
volumes, improving plant feed stability, feed grade and recovery efficiency to
assist with PGM ounce production, and also to implement action plans to reduce
overall production costs. Some of the specific actions to date are listed
below and the respective SDO and Lesedi management teams continue to identify
areas of improvement to address both production and cost efficiencies.
Current initiatives include, but are not limited to the following:
· Sylvania's proven operating model has been applied since November 2017
at Lesedi in terms of production and procurement, in order to improve PGM
ounces and to reduce direct operating costs at the operation, and the
operation is already benefiting from the involvement of the SDO's shared
production and technical management teams;
· Mass pull optimisation strategy has been developed and implemented
since late November 2017 in order to improve PGM recovery efficiencies in the
flotation circuit;
· Plant feed tons and PGM feed grades have increased since December 2017
through a combination of plant debottlenecking and resource scheduling; and
· The outsourced plant operation and maintenance contract, whereby a
third party managed the plant production, maintenance and procurement aspects
at the operation, based on a management fee and profit margin on labour,
procurement and fixed costs, was terminated effective from 31 December 2017,
which should result in significant savings in the future.
The improved quarterly 4E PGM ounce production was as a result of higher PGM
plant feed tons, grade and recovery efficiency, especially during December
2017, which was the highest PGM production month over the past two years.
Project Echo
During the reporting period, the construction of both the Millsell and
Doornbosch MF2 modules under Project Echo were successfully completed during
December 2017, with Doornbosch construction and commissioning completed a
month ahead of schedule. Millsell MF2 was unfortunately delayed by one month
due to the late completion of a power distribution upgrade by the local
municipality which was in November 2017.
The Millsell and Doornbosch MF2 plants are currently being optimised and will
contribute towards significantly improving PGM ounce production during the
coming months.
Tweefontein MF2 is the next Project Echo module to be constructed and
commissioned. This was originally scheduled for May 2018, but due to the
national power utility's electricity supply infrastructure to the Tweefontein
mining complex becoming constrained due to increased demand in the area, the
host mine had to negotiate for an upgrade to the infrastructure in order to
ensure stable and reliable supply to both the host mine and Sylvania's
operation. Although this does not put the current Sylvania Tweefontein
operation at risk, it does introduce an element of risk to the Project Echo
MF2 module's scheduled commissioning. As a result, a decision was made to
delay the construction and commissioning of Tweefontein's MF2 module until the
power distribution infrastructure upgrade is complete. It is anticipated that
Tweefontein MF2 will be commissioned by mid-FY2019, but the timing will be
dependent upon the completion of the power upgrade.
PGM grade and recovery optimisation initiatives, incorporating proprietary
processing modifications, that have been identified at Millsell, Doornbosch
and Tweefontein operations, together with available dump resource scheduling
will assist in mitigating the PGM ounce production impact associated with the
Tweefontein MF2 delay and sustaining the forecasted production profile for
FY2019.
Outlook
During the next half of FY2018, the Company remains focused on performance,
delivering on production guidance and the optimisation of the resource. Given
the past quarter's challenges, the Board believe it necessary to revise the
production guidance to between 71,000 ounces and 75,000 ounces for the
financial year. A focus on delivering on our capital projects within stated
timeframes is also a key priority.
B. FINANCIAL OVERVIEW
CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the half year ended 31 December 2017 31 December 2017 31 December 2016
Notes $ $
Revenue 1 28,179,974 24,550,903
Cost of sales (19,755,236) (17,276,120)
Gross profit 8,424,738 7,274,783
Other income 5,056 18,171
Foreign exchange (loss)/gain (2,183) 330
General and administrative costs 2 (853,276) (876,851)
Operating profit before net finance income and income tax expense 7,574,335 6,416,433
Finance income 469,576 375,620
Finance costs (139,104) (129,945)
Profit before income tax expense 7,904,807 6,662,108
Income tax expense (2,504,486) (2,141,151)
Net profit for the period 5,400,321 4,520,957
Cents Cents
Profit per share for profit attributable to the ordinary equity holders of the Company:
Basic earnings per share 1.88 1.56
Diluted earnings per share 1.86 1.52
1. Revenue is generated from the sale of PGM 6E ounces
produced at the seven retreatment plants (including Sylvania Lesedi), net of
pipeline sales adjustments.
2. General and administrative costs relates to corporate
activities and include costs for consulting fees, audit fees, travel, advisor
and PR costs, share registry costs, Directors' fees, share based payments and
other smaller administrative costs.
CONSOLIDATED STATEMENT OF CASH FLOWSFor the half year ended 31 December 2017 Notes 31 December 2017 31 December 2016
$ $
Net cash inflow from operating activities 3 7,141,597 5,881,593
Net cash (outflow)/inflow from investing activities 4 (9,740,912) 232,637
Net cash outflow from financing activities 5 (1,243,466) (648,456)
Net (decrease)/increase in cash and cash equivalents (3,842,781) 5,465,774
Effect of exchange fluctuations on cash held 1,165,703 502,508
Cash and cash equivalents beginning of reporting period 15,321,117 6,707,022
Cash and cash equivalents, end of reporting period 12,644,039 12,675,304
3. Net cash inflow from operating activities includes a
net operating cash inflow of $8,099,238, net finance income of $433,723 and
taxation paid of $1,391,364.
4. Net cash outflow from investing activities includes
payments for property, plant and equipment of $4,282,262, exploration and
evaluation assets of $227,155, acquisition of Sylvania Lesedi of $6,272,453,
rehabilitation insurance guarantee of $99,478 and $4,734 spent for an
investment in a joint venture, cash inflow of $24,936 proceeds on disposal of
property, plant and equipment and cash inflow of $1,120,234 from Ironveld
Holdings for the final settlement of the loan facility.
5. The net cash outflow from financing activities consists
of the repayment of borrowings of $71,012 and payments for share transactions
of $1,172,454.
Financial performance
The Gross basket price for PGMs for the six months to 31 December 2017 was
$1,057/ounce compared to $883/ounce to 31 December 2016 due to the improvement
in both the Platinum and Palladium prices over the reporting period. The
Group recorded net revenue of $28 million for 6E ounces, after a $2.8 million
pipeline sales adjustment over the period due to the improved metals prices.
Operating cash costs for the Group for the period were ZAR7,043/ounce compared
to ZAR5,958/ounce at 31 December 2016. The increased cost per ounce was due
mainly to the lower ounces for the reporting period and higher than planned
re-mining costs at Millsell associated with new tailings dam delay. The cost
per ounce is expected to reduce going forward as the Project Echo ounces come
on stream in the second half of FY2018. The all-in sustaining cost (AISC) for
the Group was ZAR7,127/ounce and all-in cost (AIC) of ZAR8,515/ounce for the
period to 31 December 2017, of which ZAR1,354/ounce is attributable to the
capital expenditure on Project Echo and plant optimisation. This compares to
the AISC and AIC for 31 December 2016 of ZAR5,848/ounce and ZAR6,090/ounce
respectively.
The total operating cost (excluding depreciation) for the period was ZAR228
million compared to ZAR203 million in the six months to 31 December 2016. The
main contributors to the cost of production include salaries and wages of
ZAR85.1million (H1 FY2017: ZAR76.6 million), mining costs of ZAR21.9 million
(H1 FY 2017: ZAR15.9 million), engineering and maintenance of ZAR21.7million
(H1 FY2017: ZAR20.2 million), reagents and milling costs of ZAR16.7 million
(H1 FY2017: ZAR16.6 million) and electricity of ZAR26.4 million (H1 FY2017:
ZAR27.7 million), with a number of smaller direct cost categories making up
the balance.
Corporate, general and administration costs were contained at $0.8 million for
the period. These costs are incurred in USD, GBP and ZAR and relate mainly to
listing costs, share registry costs, advisory and public relations costs and
consulting fees.
Interest is earned on surplus cash invested in South Africa at an average
interest rate of 7% per annum. Cash is held in ZAR to fund the remainder of
Project Echo and other strategic production optimisation projects when
identified. Interest paid is on instalment sale agreements for the purchase
of movable plant and vehicles.
Income tax is paid in ZAR on taxable profits generated by the South African
operations. Income tax for the six months to 31 December 2017 was ZAR25.8
million compared to ZAR37.1 million for 31 December 2016, which is in line
with the taxable profits of the operations and after mining capital
allowances. The balance of the movement relates to deferred tax movements for
the period.
The depreciation and amortisation charges are incurred on property plant and
equipment at the SDO. The slight reduction in cost is due to the scheduled
closure of the Steelpoort operation.
As at 31 December 2017, the Company's cash and cash equivalents balance was
$12.6 million. Cash generated from operations was $7.1 million for the
reporting period, which includes an outflow of $2.0 million for working
capital changes and $1.4 million paid for income tax. The Company spent $1.2
million on share buy backs in the market as well as in accordance with the
Share Buyback Programme, and $4.5 million on capital expenditure. The
remaining balance of $1.1 million related to the loan to Ironveld Holdings
which was received during the period. With the majority of the cash generated
and held in ZAR, the appreciation of the ZAR against the USD also increased
the reported cash balance since the last reporting date of 30 June 2017 by
$1.2 million.
The increase in the trade and other receivables is as a result of the higher
basket price and slightly higher pipeline ounces at 31 December 2017 when
compared to 31 December 2016.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 December 2017 31 December 2016
Notes $ $
Assets
Non-current assets
Equity-accounted investees 6 474,418 -
Other financial assets 7 1,143,988 295,077
Exploration and evaluation assets 58,376,482 54,949,663
Property, plant and equipment 8 40,748,694 30,374,574
Total non-current assets 100,743,582 85,619,314
Current assets
Cash and cash equivalents 9 12,644,039 12,675,304
Trade and other receivables 10 23,378,244 17,711,663
Other financial assets 7 - 973,065
Inventories 11 1,865,263 1,792,219
Current tax asset 219,426 1,467
Total current assets 38,106,972 33,153,718
Total assets 138,850,554 118,773,032
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Cont.) 31 December 2017 31 December 2016
Notes $ $
Equity and liabilities
Shareholders' equity
Issued capital 12 2,911,337 2,979,819
Reserves 13 74,874,672 68,625,951
Retained profits 35,437,010 25,685,082
Total equity 113,223,019 97,290,852
Non-current liabilities
Interest-bearing loans and borrowings 14 267,212 246,395
Provisions 15 3,884,511 3,262,406
Deferred tax liability 15,941,435 12,144,644
Total non-current liabilities 20,093,158 15,653,445
Current liabilities
Trade and other payables 5,382,368 4,134,530
Interest-bearing loans and borrowings 14 150,828 174,799
Current tax liability 1,181 1,519,406
Total current liabilities 5,534,377 5,828,735
Total liabilities 25,627,535 21,482,180
Total liabilities and shareholders' equity 138,850,554 118,773,032
6. Equity-accounted investees consist of a 50% interest in
a joint venture research and development project, TS Consortium, which
operates a pilot pelletiser plant in South Africa.
7. Other financial assets consist of the investment linked
to the rehabilitation insurance guarantee included in non-current assets and
the loan receivable granted to TS Consortium from Sylvania South Africa (Pty)
Ltd, a South African subsidiary of the Group.
8. Lesedi assets have been brought in at management's
estimate of fair value. A full audited fair value exercise will be carried
out at year end.
9. The majority of the cash and cash equivalents are held
in South Africa and ZAR denominated balances make up $8,146,356 (ZAR
101,146,709) of the total cash and cash equivalents balance.
10. Trade and other receivables consist mainly of amounts
receivable for the sale of PGMs.
11. Inventory held is stores and consumables for the SDO.
12. The total number of issued ordinary shares at 31
December 2017 is 291,133,661 Ordinary Shares of US$0.01 each (including
4,528,967 shares held in treasury). A total of 6,848,235 shares were cancelled
during the half year ending 31 December 2017.
13. Reserves include the share premium reserve, foreign
currency translation reserve, which is used to record exchange differences
arising from the translation of financial statements of foreign controlled
entities, share-based payments reserve, reserve for own shares, the
non-controlling interests reserve and the equity reserve.
14. Interest bearing loans and borrowings are secured
instalment sale agreements over various motor vehicles and plant and
equipment.
15. Provision is made for the present value of closure,
restoration and environmental rehabilitation costs in the financial period
when the related environmental disturbance occurs.
C. EXPLORATION AND OPENCAST MINING PROJECTS
Volspruit Platinum Exploration
The Company continues to await a decision by the Member of the Executive
Council for Economic Development, Environment and Tourism on the Company's
appeal to set aside the decision of the LEDET to refuse the Company's
application for an EA for the Volspruit Platinum project.
The MRA to mine PGMs was granted during the period however this has been
appealed by I&APs. The Company now awaits the outcome on a decision by the
DMR.
Once a decision is given on the EA and MRA appeals, the Company will submit
the WULA, which has been completed and exposed to the scrutiny of Public
Participation, with only the detail design of civil infrastructure as called
for in the NWA outstanding.
Grasvally Chrome Exploration
During the period the Company continued with off-site processing and
beneficiation testing of the initial 6,167 tons of the planned 15,000 tons of
ROM Bulk Sample. A further 9,000 tons has been blasted but not yet excavated
as further processing will only continue pending results of the initial
beneficiation testing. Completion of phase 1 of the Grasvally Bulk Sample is
planned to occur on-site following the granting by the Minister of Water and
Sanitation of the Integrated Waste and Water Use License for Chrome Ore Bulk
Sample Operations as this will allow the processing and beneficiation testing
of the Bulk Sample on site at the Grasvally Operation.
D. CORPORATE ACTIVITIES
Exercise of Share Options, Share Buybacks and Cancellation of Shares
During the period, certain Directors and senior management exercised vested
options awarded to them under the Company's Option Plan as well as the
deferred share awards granted in accordance with the Bonus Shares Plan. Once
exercised the vested Options and Bonus Shares converted into 4,602,900
Ordinary $0.01 Shares and shares held in treasury were used to satisfy these
awards.
As the Company does not intend to grant any further Options under the Option
Plan, the Board took the decision to cancel the Option Plan.
In August 2017, the Company announced the details of its Share Buyback
Programme, offered to small, non-UK based shareholders who, on the delisting
from the ASX in 2012, may have been prohibited from selling their shares due
to the cost and administrative burden of trading certificated shares outside
of the UK. By the end of the reporting period, the Company had purchased a
total of 1,957,306 Ordinary $0.01 Shares at a price of A$0.1619 per Ordinary
Share under the Programme. Total expenditure on the Programme at the end of
the reporting period amounts to A$316,887. Shares purchased in accordance
with this Programme are placed into Treasury to be cancelled.
During the reporting period the Board approved the cancellation of 6,848,235
Ordinary Shares. Of the Ordinary Shares cancelled, 3,515,224 were held in
treasury and the balance of 3,333,011 Ordinary Shares were shares acquired in
the market and cancelled immediately. Accordingly, at the end of the period
the Company's issued share capital was 291,133,661 Ordinary Shares, of which a
total of 4,528,967 Ordinary Shares were held in Treasury. Therefore, the
total number of Ordinary Shares with voting rights in Sylvania was 286,604,694
Ordinary Shares.
CORPORATE INFORMATION
Registered and postal address: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal address: PO Box 976
Florida Hills, 1716
South Africa
Sylvania Website: www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please contact:
Terence McConnachie (Chief Executive Officer) +44 777 533 7175
Nominated Advisor and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Neil Elliot / Richard Crawley
Communications
Alma PR Limited +44 (0) 77 8090 1979
Josh Royston / Helena Bogle / Hilary Buchanan
1. The financial information contained in this announcement does not
comprise full financial statements.
2. The consolidated financial statements have been prepared on a
historical cost basis. The consolidated financial information is presented in
US Dollars.
ANNEXURE
GLOSSARY OF TERMS FY2018
The following definitions apply throughout the period:
4E PGMs 4E PGM ounces include the precious metal elements Platinum, Palladium, Rhodium and Gold
6E PGMs 6E ounces include the 4E elements plus additional Iridium and Ruthenium
AGM Annual General Meeting
AIM Alternative Investment Market of the London Stock Exchange
All-in sustaining cost Production costs plus all costs relating to sustaining current production and sustaining capital expenditure.
All-in cost All-in sustaining cost plus non-sustaining and expansion capital expenditure
ASX Australian Securities Exchange
Bonus Shares Sylvania Platinum Limited Bonus Share Award Plan
CGU Cash generating unit
Current risings Fresh chrome tails from current operating host mines processing operations
DMR Department of Mineral Resources
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
GBP Great British Pound
IASB International Accounting Standards Board
IFRIC International Financial Reporting Interpretation Committee
IFRS International Financial Reporting Standards
I&APs Interested and Affected Parties
Ironveld Ironveld Plc
IRR Internal Rate of Return
JV Joint venture
LEDET Limpopo Department of Economic Development, Environment and Tourism
Lesedi Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi
LSE London Stock Exchange
LTI Lost time injury
MF2 Milling and flotation technology
MPRDA Mineral and Petroleum Resources Development Act
MRA Mining Right Application
MTO Mining Titles Office
NOMR New Order Mining Right
NWA National Water Act 36 of 1998
Option Plan Sylvania Platinum Limited Share Option Plan
PGM Platinum group metals comprising mainly platinum, palladium, rhodium and gold
PAR Pan African Resources Plc
Phoenix Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi
Pipeline ounces 6E ounces delivered but not invoiced
Pipeline revenue Revenue recognised for ounces delivered, but not yet invoiced based on contractual timelines
Pipeline sales adjustment Adjustments to pipeline revenues based on the basket price for the period between delivery and invoicing
Programme Sylvania Platinum Share Buyback Programme
Project Echo Secondary PGM Milling and Flotation (MF2) program announced in FY2017 to design and install additional new additional fine grinding mills and flotation circuits at Millsell, Doornbosch, Tweefontein and Mooinooi.
Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
ROM Run of mine
SDO Sylvania dump operations
Shares Common shares
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
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The company news service from the London Stock ExchangeRecent news on Sylvania Platinum
See all newsREG - Sylvania Platinum - Result of Annual General Meeting
AnnouncementREG - Sylvania Platinum - ESG Report to 30 June 2025
AnnouncementREG - Sylvania Platinum - Notice of 2025 Annual General Meeting
AnnouncementREG - Sylvania Platinum - First Quarter Operations Report
AnnouncementREG - Sylvania Platinum - Total Voting Rights
Announcement