REG - Sylvania Platinum - Interim Financial Results Announcement
22/02/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240222:nRSV0743Ea&default-theme=true
RNS Number : 0743E Sylvania Platinum Limited 22 February 2024
_____________________________________________________________________________________________________________________________
22 February 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Interim financial results for the six months ended 31 December 2023
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer with assets in South Africa, is pleased to announce its results for the six months ended 31 December 2023 ("HY1 FY2024" or "the Period"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$").
Financial
· Net revenue generated for the Period totalled $40.8 million (HY1
FY2023: $79.9 million), a decrease due to the drop in basket price in USD
terms;
· Group EBITDA of $7.3 million (HY1 FY2023: $45.6 million), a decrease
compared to the prior period, due to the drop in basket price in USD;
· Net profit of $3.1 million (HY1 FY2023: $32.6 million);
· Earnings per share of 1.17 US cents for the six months ended 31
December 2023;
· Cash balance at 31 December 2023 of $107.2 million (HY1 FY2023:
$123.9 million);
· Bought back 684,750 ordinary $0.01 shares ("Ordinary Shares") from
employees and persons displaying managerial responsibilities ("PDMRs"), all
transferred to Treasury; and
· Interim dividend for HY1 FY2024 of 1 pence per Ordinary Share
declared.
Operational
· Sylvania Dump Operations ("SDO") delivered 38,405 4E PGM ounces (HY1
FY2023: 38,471 4E PGM ounces);
· Improved PGM recovery efficiencies and reduction of work-in-progress
stock assisted in maintaining the PGM ounce production, while PGM feed grades
were 9% lower and PGM feed tons marginally up;
· The final signed-off updated Mineral Resource Estimates ("MRE") for
both the Volspruit North and South ore bodies were announced on 16 February
2024; and
· The assessment of the Aurora Project exploration data continues, the
results from which will enable a decision on how best to unlock value from the
project under current market conditions.
ESG
· All operations remain fatality free since inception in 2007;
· Total female representation increased to 23.47%; and
· Pre-audits were completed on all tailings facilities to align with
the Global Industry Standard on Tailings Management ("GISTM"). Operational
manuals and policy documents are being updated in line with GISTM requirements
and standards where applicable.
Outlook
· FY2024 production guidance maintained at 74,000 to 75,000 4E PGM
ounces;
· Commissioning of the Lannex secondary milling, fine grinding circuit
commenced during Q2 FY2024 with optimisation to follow in Q3 FY2024;
· The execution phase of the Thaba Joint Venture ("Thaba JV") will be
18-24 months with first production expected in HY2 FY2025. Currently the
project schedule is on track to meet this time frame; and
· The Group remains debt free and has sufficient cash reserves to fund
capital expansion projects, process optimisation projects and to upgrade the
Group's exploration and evaluation assets to unlock value for shareholders.
Commenting on the Period, Sylvania's CEO Jaco Prinsloo said:
"It is a great testament to our commitment to our health and safety protocols
that we remain fatality free since we commissioned our first operation in
2007. The SDO has achieved 38,405 ounces of 4E PGM production in the Period,
which is in line with the HY1 FY2024 production forecast.
"While many PGM producers in the industry are faced with challenges relating
to the current market environment, revenue and net profit for the Company
remain respectable despite the significantly lower PGM basket price.
Additionally, the SDO is well positioned within the industry due to a stable
production base, improving PGM recovery efficiencies and low operating costs -
with the Company placed in the lowest quartile of the industry cost curve.
Sylvania's low-cost strategy has ensured that the SDO remain cash generative
even at lower basket prices. Enabled by our cash generating operations and
disciplined operating cost and capital control, the Company has sufficient
cash reserves to continue to fund capital and optimisation projects, as well
as advancing our exploration projects and returning value to shareholders.
"After a decade of service as Non-Executive Chairman, Stuart Murray stepped
down on 31 December 2023 to focus on his other business interests, and Eileen
Carr succeeded Stuart as Chair of Sylvania. With over 35 years of professional
expertise in the global resources sector, she brings a wealth of experience to
her new role. I would like to express my gratitude for Stuart's valuable
contributions during his tenure and I am looking forward to Eileen's
forward-thinking leadership and I am sure we will sustain our growth and
success under her stewardship. I would also like to congratulate Simon Scott,
Non-Executive Director, who has taken over Eileen's role as Chair of the Audit
Committee.
"It gives me great pleasure to announce that the Board has approved an interim
dividend for HY1 FY2024 of 1 pence per Ordinary Share payable in April 2024.
"Looking ahead to the second half of the financial year, our operations and
management teams are committed to achieving the full year production guidance
of 74,000 to 75,000 4E PGM ounces and I anticipate continued robust results
with the optimisation of the Lannex fine grinding circuit in progress. We are
also undertaking continuous operational performance improvements including the
optimisation of feed sources, throughput, recoveries, and cost saving
initiatives. Additionally, we expect to provide further clarity on the
significant potential of our exploration projects as we continue our studies
and increase our resources.
"I look forward to keeping shareholders updated on our progress."
Disclaimer
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse regulation
(EU) no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.
For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Company by
Jaco Prinsloo.
The Sylvania cash generating subsidiaries are incorporated in South Africa
with the functional currency of these operations being the South African Rand
("ZAR"). Revenues from the sale of PGMs are received 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, Pounds Sterling ("GBP") and ZAR.
For the six months under review the average ZAR:USD exchange rate was
ZAR18.69:$1 and the closing exchange rate at 31 December 2023 was ZAR18.31:$1.
( )
( )
( )
Operational and Financial Summary
Production Unit HY1 FY2023 HY1 FY2024 % Change
Plant Feed T 1,337,785 1,302,980 -3%
Feed Head Grade g/t 1.92 1.90 -1%
PGM Plant Feed Tons T 690,912 701,150 1%
PGM Plant Feed Grade g/t 3.19 2.89 -9%
PGM Plant Recovery(1) % 56.47% 57.49% 2%
Total 4E PGMs Oz 38,471 38,405 0%
Total 6E PGMs Oz 48,697 48,671 0%
Unaudited USD ZAR
Unit HY1 FY2023 HY1 FY2024 % Change Unit HY1 FY2023 HY1 FY2024 % Change
Financials
Average 4E Gross Basket Price(2) $/oz 2,513 1,311 -48% R/oz 43,532 24,495 -44%
Revenue (4E)(3) $'000 70,923 36,945 -48% R'000 1,228,715 690,489 -44%
Revenue (by-products including base metals) $'000 7,020 6,858 -2% R'000 121,614 128,162 5%
Sales adjustments $'000 1,959 (3,033) -255% R'000 33,936 (56,715) -267%
Net revenue $'000 79,902 40,770 -49% R'000 1,384,265 761,936 -45%
Direct Operating costs $'000 23,170 26,191 13% R'000 401,418 489,504 22%
Indirect Operating costs $'000 8,923 5,690 -36% R'000 154,593 106,354 -31%
General and Administrative costs $'000 1,503 1,463 -3% R'000 26,032 27,343 5%
Group EBITDA $'000 45,639 7,300 -84% R'000 790,467 136,437 -83%
Net Profit $'000 32,633 3,082 -91% R'000 565,204 57,603 -90%
Capital Expenditure $'000 6,206 7,402 19% R'000 107,488 144,926 35%
Cash Balance(5) $'000 123,895 107,232 -13% R'000 2,112,410 1,963,418 -7%
Ave R/$ rate R/$ 17.32 18.69 8%
Spot R/$ rate R/$ 17.05 18.31 7%
Unit Cost/Efficiencies(4)
SDO Cash Cost per 4E PGM oz(4) $/oz 602 682 13% R/oz 10,434 12,746 22%
SDO Cash Cost per 6E PGM oz(4) $/oz 476 538 13% R/oz 8,243 10,057 22%
Group Cash Cost Per 4E PGM oz(4) $/oz 742 833 12% R/oz 12,851 15,569 21%
Group Cash Cost Per 6E PGM oz(4) $/oz 586 657 12% R/oz 10,150 12,279 21%
All-in Sustaining Cost (4E) $/oz 889 903 2% R/oz 15,398 16,876 10%
All-in Cost (4E) $/oz 1,017 1,037 2% R/oz 17,623 19,382 10%
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 received 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.
1 PGM plant recovery is calculated on the production ounces that include the
work-in-progress ounces when applicable.
2 The gross basket price in the table is the December 2023 gross 4E basket
used for revenue recognition of ounces delivered in HY1 FY2024, before
penalties/smelting costs and applying the contractual payability.
3 Revenue (6E) for HY1 FY2024, before adjustments is $22.7 million (6E prill
split is Pt 53%, Pd 17%, Rh 9%, Au 0%, Ru 16%, Ir 5%). Revenue excludes
profit/loss on foreign exchange.
4 The cash costs include operating costs and exclude indirect costs for
example mineral royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
5 HY1 FY2024 cash balance excludes restricted cash held as guarantees of $0.8
million.
( )
A. OPERATIONAL OVERVIEW
Health, safety and environment
During the Period under review, there were no significant occupational health
or environmental incidents reported and all operations remained fatality free
since inception. There were no Lost-Time Injuries ("LTIs") recorded during the
Period and the SDO collectively achieved the significant milestone of being
all-injury free during Q2 FY2024. Doornbosch remains 11 years LTI-free, Lesedi
and Lannex both remain three years LTI-free, and Tweefontein is also over
one-year LTI-free. While the Mooinooi operation exceeded one-year LTI-free
during the Period, the operation unfortunately suffered one LTI post Period
end.
Management's proactive stance towards safety measures, which includes routine
risk assessments, has played a pivotal role in fostering a workplace ethos
that places a high priority on the well-being of both employees and
contractors. Concurrently, Sylvania's environmental endeavours have propelled
responsible resource management, significantly reducing its ecological
footprint.
The highly successful last quarter of the calendar year ("Silly Season")
campaign, spanning from November 2023 through January 2024, effectively
highlighted the significance of a hazard-free and injury-free environment.
Through a range of creative initiatives, employees embraced a culture of
mindfulness, remaining vigilant about adhering to safety protocols, resulting
in an outstanding achievement of zero injuries throughout Q2 FY2024 and the
festive season.
Sylvania's annual anti-gender-based violence ("GBV") campaign further
solidified a workplace culture grounded in respect and equality. Informative
sessions and open dialogues provided employees with a profound understanding
of the repercussions of GBV, empowering them to become advocates for positive
change. This reiterates the Company's dedication to nurturing a workplace that
champions inclusivity, ultimately contributing to a more harmonious and
supportive professional community.
Operational performance
The SDO achieved 38,405 4E PGM ounces for HY1 FY2024 which was largely
unchanged from the corresponding period in FY2023. The sustained production
level was primarily due to improved PGM recovery efficiencies and a reduction
in work-in-progress stock, as well as the PGM feed tons being marginally
higher, despite PGM feed grades being 9% lower than the corresponding period
in HY1 FY2023.
The improved PGM recovery efficiency can be attributed to the successful
commissioning and optimisation of the Tweefontein and Lannex secondary milling
and flotation ("MF2") circuits. These two MF2 circuits were the last to be
commissioned at our existing SDO operations, following the Company's roll-out
of the programme initiated during FY2017. The Lannex MF2 flotation circuit was
commissioned during Q1 FY2024 and optimisation continues following the
addition of the complementary fine grinding circuit that was commissioned in
Q2 FY2024.
The 9% decrease in PGM plant feed compared to the corresponding period in HY1
FY2023, was primarily related to lower PGM feed grade in dump feed sources to
Lannex, Mooinooi and Lesedi. Feed grade optimisation and blending strategies
remain a continuous focus area for operations and the Company continues to
assess higher-grade third-party tailings material in the industry as
alternative feed sources to supplement PGM feed grades and production.
SDO cash costs increased by 13% from $602/ounce to $682/ounce. This was mainly
due to the significantly higher than inflation electricity rate increase from
the national power utility, increased reagents and consumable costs associated
with additional MF2 circuits, and transport and purchase costs associated with
higher-grade third-party feed material. The higher maintenance costs at Lesedi
and Lannex due to abnormal mill repairs during the Period also contributed to
the higher cash cost.
Operational focus areas
During the Period, the SDO developed a new improved planned maintenance system
which was successfully implemented at the Millsell operation. This is expected
to improve plant availability, capacity, and runtime, resulting in improved
process stability and increased efficiencies, and is being rolled out to
priority operations.
Run of Mine ("ROM") feed grades at the Mooinooi operation have been at
satisfactory levels during the Period, but remain a focus area for the
operation as it continues to collaborate with the host mine in relation to the
preferred source of ROM required to sustain better grades.
Higher-grade, third-party dump feed material is continuously being evaluated
and treated at selected operations together with low-grade resources in order
to optimise the overall PGM feed grade to operations to mitigate the impact of
currently subdued metal prices.
Reagent optimisation continues, especially at the recently commissioned MF2
circuits, to achieve improved efficiencies and further contribute to an
increase in metal recoveries.
Focus also remains on the operational aspects of the SDO tailings facilities
by the operations teams, the engineer on record, relevant expert advisers, and
associated service providers.
Post Period-end, some members of the National Union of Metals Workers of South
Africa ("NUMSA") embarked on a protected strike at some of the SDO plants
related to wage negotiations at the Western operations. Discussions are
ongoing with NUMSA leaders to find a swift and amicable solution to the
current impasse. However, while the strike has had some impact at the affected
Western Operations, the Company has been able to maintain full production at
all Eastern operations and to run all plants at the Western operations at a
slightly reduced capacity. Hence, we believe the current stated guidance
should still be achievable for the FY2024 financial year.
Capital Projects
Capital spend increased during the Period compared to the corresponding period
in FY2023 from $6.2 million to $7.4 million, which included Sylvania's
attributable portion of the Thaba JV capital of $1.3 million and $0.4 million
on exploration projects. All capital projects are fully funded from current
cash reserves.
A central filtration plant is being evaluated to facilitate the conversion to
dry filtered concentrate, instead of the current slurry. This will assist in
reducing concentrate transport costs and remediate handling challenges at
off-take smelters.
In order to mitigate power interruptions at Lesedi and Millsell, the two
operations which are most affected by the national power utility's load
curtailment programme, back-up power generation projects were initiated during
FY2023. The Lesedi unit was commissioned post Period end in February 2024.
Lesedi experienced approximately 81 hours of downtime during HY1 FY2024 due to
load curtailment by the national power utility (total downtime during FY2023
was 544 hours). The Company does not anticipate any further losses in this
regard following the installation of the back-up generator.
While management is not anticipating further impact on operations than in HY1
FY2024, the Company recognises the risks linked to the ongoing electricity
supply challenges in South Africa, and the national power utility's load
curtailment programme, and continues to closely monitor the evolving energy
situation in order to evaluate and implement contingency plans to mitigate
potential disruptions to its operations.
Outlook
Despite the continued challenging price environment, the Company performed
well during the first half of the financial year and is well positioned for a
solid performance during HY2 FY2024, maintaining production guidance of 74,000
to 75,000 4E PGM ounces for FY2024.
The exploration projects in the Northern Limb hold significant potential for
the Company. In the second half of this year, the focus remains on further
improving confidence in the resources, whilst expanding and quantifying the
potential benefit from these assets. Following on from the Exploration Results
and Resource Statement that was released in FY2023, the Company continues to
develop the projects through additional technical studies and
re-interpretation of historical information. This additional information will
assist the Company in ascertaining how best to develop these projects.
Despite the current lower 4E PGM basket price, the Board remains optimistic
about the overall medium to long term PGM price outlook, based on the
respective supply and demand trends for platinum, palladium, and rhodium. In
the meantime, the SDO remains well positioned within the industry, with a
stable production base, low operating costs and improving PGM recovery
efficiencies. Additionally, with the current elevated chrome ore prices and
through the strategic alliance with Limberg Mining Company (Pty) Ltd ("LMC")
in the Thaba JV, Sylvania is well positioned to diversify its revenue streams,
creating value for shareholders, and benefit from the rising demand for
chrome going forward.
As always, management will continue to focus on the parameters that it is able
to control, with a specific focus on improving direct operating costs,
maintaining a safe, stable and efficient production environment, and ensuring
disciplined capital allocation and control.
Sylvania remains committed to its Environmental, Social and Governance ("ESG")
initiatives and will continue to publish an ESG Report annually.
B. FINANCIAL OVERVIEW
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the half year ended 31 December 2023
31 December 2023 31 December 2022
$ $
Note(s) Reviewed Reviewed
Continuing operations
Revenue 1 40,769,912 79,901,718
Cost of sales (33,628,754) (30,271,919)
Royalties tax (583,667) (3,796,403)
Gross profit 6,557,491 45,833,396
Other income 69,064 45,547
Other expenses 2 (1,533,319) (2,202,060)
Operating profit before net finance costs and income tax expense 5,093,236 43,676,883
Finance income 3,269,983 2,359,757
Finance costs (239,649) (536,505)
Profit before income tax expense from continuing operations 8,123,570 45,500,135
Income tax expense 3 (5,042,018) (12,866,977)
Net profit for the Period from continuing operations 3,081,552 32,633,158
Discontinued operations
Profit after tax for the Period from discontinued operations 4 - 1,351,227
Net profit for the Period 3,081,552 33,984,385
Other comprehensive loss
Items that are or may be subsequently reclassified to profit and loss:
Foreign operations - foreign currency translation differences 3,626,123 (4,977,923)
Total other comprehensive profit/(loss) net of tax 3,626,123 (4,977,923)
Total comprehensive income for the year 6,707,675 29,006,462
Cents Cents
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share 1.17 12.75
Diluted earnings per share 1.17 12.65
1. Revenue is generated from the sale of PGM ounces produced at the
six retreatment plants, net of smelter charges and pipeline sales adjustments.
2. Other expenses relate to corporate activities and include
directors' fees, insurance, advisory and public relations expenses.
3. Income tax expense includes current tax, deferred tax and capital
gains tax.
4. Profit on discontinued operations is the profit after tax of
Grasvally Chrome Mine (Pty) Ltd.
The average gross basket price for PGMs for the six months to 31 December 2023
was $1,311/ounce compared to $2,513/ounce for the period ended 31 December
2022. The Group recorded net revenue of $40.8 million for the six months to 31
December 2023, a 49% decrease half-year on half-year, as a result of the lower
basket price and negative sales adjustment for the Period.
The operational costs of sales (cash and non-cash) are incurred in ZAR and
represent the direct and indirect costs of producing the PGM concentrate. This
amounted to ZAR595.9 million for the reporting Period compared to ZAR556.0
million for the six months to 31 December 2022. The main cost contributors
were labour costs of ZAR185.5 million (HY1 FY2023: ZAR170.4 million), mining
costs of ZAR58.5 million (HY1 FY2023: ZAR61.1 million), reagents and milling
costs of ZAR66.5 million (HY1 FY2023: ZAR51.1 million) and electricity of
ZAR86.7 million (HY1 FY2023: ZAR64.7 million).
Group cash cost was ZAR15,569/ounce ($833/ounce) compared to ZAR12,851/ounce
($742/ounce) in the previous corresponding period. The all-in sustaining cost
("AISC") for the Group amounted to ZAR16,876/ounce ($903/ounce) and an all-in
cost ("AIC") of ZAR19,382/ounce ($1,037/ounce) for the Period to 31 December
2023. This compares to the AISC and AIC for 31 December 2022 of
ZAR15,398/ounce ($889/ounce) and ZAR17,623/ounce ($1,017/ounce)
respectively.
General and administrative costs were $1.46 million for the six months to 31
December 2023 against $1.50 million for the corresponding period in the prior
year. These costs are incurred in USD, GBP and ZAR and relate mainly to
advisory and professional fees, insurance and Directors' fees, and public
relations.
Interest is earned on surplus cash invested across the portfolio at an average
interest rate of 5.07% per annum, as well as on the loan to Forward Africa
Mining (Pty) Ltd relating to the Grasvally Chrome Mine (Pty) Ltd ("Grasvally")
sale at 11.4% and the loan to LMC relating to the Thaba JV at the current
South African prime lending rate (11.75%). Interest expense is accounted for
on various lease agreements in terms of International Financial Reporting
Standards ("IFRS"), such as office rental at rates intrinsic to the relevant
lease agreements.
Income tax is paid in ZAR on taxable profits generated at the South African
operations at a rate of 27%. The income tax expense for HY1 FY2024 was ZAR33.2
million ($1.8 million) compared to ZAR228.0 million ($13.2 million) for HY1
FY2023. The mineral royalty tax expense for the Period was ZAR10.9 million
($0.6 million) compared to ZAR65.8 million ($3.8 million) for the prior
period. The decrease in both income tax and mineral royalty tax is largely due
to the decrease in the average metal price half-year on half-year by 48% in
USD terms and 44% in ZAR terms, with a resultant decrease in revenue and
taxable income.
Condensed Consolidated Statement of Cash Flows
for the half year ended 31 December 2023
31 December 31 December
2023 2022
$ $
Notes Reviewed Reviewed
Cash flows from operating activities
Cash flows from operating activities
Receipts from customers 45,540,831 74,119,091
Payments to suppliers and employees (34,838,659) (30,891,587)
Cash generated from operations 10,702,172 43,227,504
Finance income 2,009,565 2,128,381
Taxation paid (4,805,510) (7,677,484)
Net cash inflow from operating activities 7,906,227 37,678,401
Cash flows from investing activities
Purchase of plant and equipment (7,022,576) (5,321,899)
Payments for exploration and evaluation capitalised (379,793) (884,441)
Advance paid: Joint Ventures (934,870) (2,701)
Advance paid loans: Third-party - (330,189)
Acquisition of other assets - (14,770)
Net cash outflow from investing activities (8,337,239) (6,554,000)
Cash flows from financing activities
Payment of lease liabilities (219,611) (179,245)
Payment for treasury shares (616,441) (1,144,688)
Dividends paid (16,671,350) (25,585,785)
Net cash outflow from financing activities (17,507,402) (26,909,718)
Net increase/(decrease) in cash and cash equivalents (17,938,414) 4,214,683
Effect of exchange fluctuations on cash held 1,010,389 (1,601,737)
Cash and cash equivalents at the beginning of the reporting Period 124,159,854 121,282,425
Cash and cash equivalents at the end of the reporting Period 107,231,829 123,895,371
The cash and cash equivalents decreased by 13% in USD terms from $123.9
million to $107.2 million. Cash generated from operations before working
capital was $8.5 million for the reporting Period with a change in working
capital of $2.2 million mainly due to the movement in trade receivables and
trade payables.
During the six months ended 31 December 2023, provisional income tax and
mineral royalty tax of $2.2 million (ZAR40.6 million) and $0.6 million
(ZAR11.0 million) was paid respectively. A further $2.6 million (ZAR49.9
million) dividend withholding tax was paid on intercompany dividends declared
during the Period.
Capital expenditure incurred for the Period was $7.4 million on specific
optimisation and stay-in-business projects; Thaba JV development was $1.3
million and $0.4 million was on exploration projects. A final cash dividend
for FY2023 of 5 pence per Ordinary Share, amounting to $16.7 million, was paid
in December 2023 to shareholders on the register at the close of business on
27 October 2023.
Condensed Consolidated Statement of Financial Position
as at 31 December 2023
31 December 30 June
2023 2023
$ $
Note(s) Reviewed Audited
ASSETS
Non-current assets
Exploration and evaluation expenditure 47,134,439 46,464,143
Property, plant and equipment 55,277,295 48,650,611
Other financial assets 5 7,354,644 6,352,325
Other assets 30,966 30,024
Deferred tax asset 4,705 11,088
Total non-current assets 109,802,049 101,508,191
Current assets
Cash and cash equivalents 6 107,231,829 124,159,854
Trade and other receivables 7 33,586,082 35,714,003
Other financial assets 5 2,457,386 1,800,402
Inventories 8 5,731,701 5,103,550
Current tax asset 1,921,973 1,472,104
Total current assets 150,928,971 168,249,913
Total assets 260,731,020 269,758,104
EQUITY AND LIABILITIES
Shareholders' equity
Issued capital 9 2,753,757 2,790,000
Reserves 10 20,972,569 17,461,465
Retained profit 205,522,784 219,112,582
Total equity 229,249,110 239,364,047
Non-current liabilities
Borrowings and leases 11 267,908 380,833
Provisions 12 4,275,227 4,040,854
Deferred tax liability 13,114,381 12,118,702
Total non-current liabilities 17,657,516 16,540,389
Current liabilities
Trade and other payables 13,369,476 13,522,940
Borrowings and leases 11 454,918 330,728
Total current liabilities 13,824,394 13,853,668
Total liabilities and shareholder's equity 260,731,020 269,758,104
5. Other financial assets mainly consist of:
o A loan amounting to $333,493 (2023: $317,073) is owing by TS Consortium to
Sylvania South Africa (Pty) Ltd. The loan is unsecured, bears interest at 7%
per annum and is repayable on demand. The Group's interest in the TS
Consortium Joint Operation is currently 75% of the assets and liabilities.
o A loan amounting to $985,311 (2023: $902,285) was granted to Forward
Africa Mining (Pty) Ltd in FY2022. The loan is secured over the Grasvally
Plant and bears interest at the Johannesburg Inter-Bank Offer Rate (JIBAR) +
3%, compounded monthly in arrears. The loan is repayable in 15 equal
instalments.
o A loan amounting to $6,386,800 (2023: $5,849,213) was granted to Forward
Africa Mining (Pty) Ltd relating to the sale of shares and claim agreement in
respect of the Grasvally Chrome Mine (Pty) Ltd sale. The loan is secured over
the Grasvally Mining Right, bears interest at the JIBAR + 3%, compounded
monthly in arears. The loan is repayable in 15 equal instalments.
o A loan amounting to $947,500 (2023: $nil) was granted to Limberg Mining
Company (Pty) Ltd by Sylvania Metals (Pty) Ltd as per the Thaba JV agreement.
The loan bears interest at the South African prime lending rate, and is
repayable in substantially equal consecutive quarterly instalments, commencing
on the first anniversary of the commissioning date.
o Contribution paid to the host mine for rehabilitation purposes. The debtor
is ZAR denominated and was translated at a spot rate of ZAR18.31:$1 (2023:
ZAR18.89:$1).
o Restricted cash relates to guarantees with the national power utility and
DMRE $877,699 (2023: $823,144).
6. Cash and cash equivalents are held in ZAR and USD.
7. Trade and other receivables consist mainly of amounts receivable
for the sale of PGMs.
8. Inventory held is spares and consumables for the SDO.
9. The total number of issued ordinary shares at 31 December 2023 is
275,375,725 Ordinary Shares of US$0.01 each (including 11,765,211 held in
Treasury).
10. Reserves include the share premium, 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, Treasury share reserve and the equity reserve.
11. Borrowings and leases relate to the right-of-use liability.
12. 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. Mineral Asset Development of opencast mining projects and Joint Ventures
The Group owns various mineral asset exploration and development projects on
the Northern Limb of the Bushveld Igneous Complex located in South Africa, for
which it has approved mining rights. Targeted studies are underway on both the
Volspruit and Northern Limb PGM opportunities to determine how best to
optimise the respective projects. Significant progress has been made towards
unlocking mineral potential on these projects to generate value for
shareholders.
Volspruit Project
The Volspruit Preliminary Economic Assessment ("PEA") update commenced in Q2
FY2024 with SRK Consulting being appointed to undertake the work. The new
assessment will include contributions from rhodium and ruthenium, as well as
the additional resources from the Volspruit South ore body that were not
included in the initial PEA published in October 2022. Upon the completion of
a positive PEA, it is expected that a Preliminary Feasibility Study ("PFS")
will commence, and metallurgical test work required for the PFS is already
underway at Mintek South Africa on samples obtained during a FY2023 drilling
campaign.
Subsequent to HY1 FY2024 the final signed-off MRE statements for both the
North and South ore bodies were received and announced on 16 February 2024.
The updated MRE is based on a more constrained geological model defined by the
interpreted mineralised zones, which resulted in a 10% increase on the
previously published MRE for the North ore body in October 2022, as well as
the addition of approximately 10.6 million tons for the South ore body and an
improvement of the overall grades. Based on the updated MRE the combined North
and South ore bodies contain approximately 28.2 million tons in the Indicated
and Inferred categories at an average grade of 2.37 g/t 4E PGM.
Steady progress is being made in the permitting process necessary for the
existing mining right. Local Economic Development ("LED") projects are gaining
traction with discussions underway with the relevant local municipalities. The
application for the Environmental Impact Assessment ("EIA") amendment was
submitted post Period end, and the public participation process commenced in
Q3 FY2024. The final submission along with the Water Use License ("WUL")
application for mining and on-site processing operations will be submitted in
HY1 FY2025. Volspruit Mining Company launched a social media campaign to
ensure the local community is kept informed on all developments during the
application process.
Far Northern Limb Projects
Relogging continues across the Aurora project area with more than 90% of the
historical core having been relogged. Compilation of the data is on-going and
once a geological model has been compiled a decision will be taken on whether
to implement a drilling programme to assess gaps in the current database. This
is likely to occur during the fourth quarter of FY2024 and will allow for an
updated MRE and PEA to be commissioned for Aurora if results warrant. The
October 2022 MRE for the Aurora project was only for the La Pucella Target
area that represents just 12% of the combined Aurora project area and
contained approximately 16.2 million tons in the Measured and Indicated
categories at a grade of 2.63 g/t 2E plus gold.
As reported in the Statement of Exploration Results, Mineral Resources and
Scoping Study released in FY2023, some significant results were returned from
the Hacra North underground target. A review of the work undertaken to date
has been finalised and results from the study will be released in the third
quarter of FY2024.
Thaba JV
On 9 August 2023, the Company announced that its wholly owned South African
subsidiary, Sylvania Metals (Pty) Ltd ("Sylvania Metals"), entered into an
unincorporated JV Agreement with LMC, a subsidiary of ChromTech Mining Company
(Pty) Ltd ("ChromTech"), titled the Thaba JV. The Thaba JV represents major
progress in the delivery of Sylvania's growth strategy and is a significant
step forward for Sylvania Metals in expanding its operations and leveraging
its expertise in the recovery of chrome and PGM concentrates, adding
attributable annual production of approximately 6,500 4E PGM ounces and
introducing 200,000 tons of attributable chromite concentrate to Sylvania
Metals' existing annual production profile. The project execution phase will
be 18-24 months with the first production expected in HY2 FY2025. Currently,
the project schedule is on track to meet this time frame.
Detailed design of the Thaba JV project is progressing as planned, expediting
the completion of civil and structural design and drawings for all areas.
Process design is complete for all plant areas and progress with electrical
design is sufficient to enable procurement of long lead items. Procurement of
all mechanical long lead item packages is complete, and the team is now busy
with the procurement of lower priority mechanical packages. During Q3 FY2024,
the structural steel and platework fabrication and construction packages will
be awarded and procurement of electrical long lead items will be completed.
The main civils contractor commenced work in November 2023 and the demolition
and removal of old works on site was completed in December 2023. The civils
contractor is busy with earthworks for the chrome plant, thickeners, and
flotation plant and the first concrete pour commenced towards the end of
January 2024. The structural steel and platework site contractors will be
established from March 2024. The planned construction start of the High
Voltage Distribution Yard is March 2024.
D. CORPORATE ACTIVITIES
Appointment of New Chair
Stuart Murray stepped down as Chairman of Sylvania with effect from 31
December 2023. After a decade of service as Non-Executive Chairman, Mr Murray
has decided to focus more time on his other business interests. The Board
voted unanimously to appoint Eileen Carr, who has been serving as
Non-Executive Director and Chair of the Audit Committee, as the Chair of the
Board with effect from 1 January 2024. Simon Scott, Non-Executive Director,
has taken over Ms Carr's role as Chair of the Audit Committee.
Payment of Dividend
On 2 December 2023, the Company paid a final dividend for FY2023 totalling
$16.7 million, equating to 5 pence per Ordinary Share, to shareholders on the
register on the record date of 27 October 2023. This brought the annual
dividend for FY2023 to 8 pence per Ordinary Share.
Interim Dividend
In line with the Company's dividend policy to distribute a minimum of 40% of
the annual adjusted free cash flow, divided into one-third interim dividend
and two-thirds final dividend, the Board has declared an interim dividend of 1
pence per Ordinary Share. The free cash flow forecast has been adjusted for
the capital spend on the Thaba JV as this is funded from previously generated
cash held for growth and expansion opportunities. The interim dividend is
payable on 5 April 2024. Payment of the interim dividend will be made to
shareholders on the register at the close of business on 1 March 2024 and the
ex-dividend date is 29 February 2024.
Bonus share awards
During the Period, 1,235,000 Bonus share awards vested and were exercised by
employees and PDMRs. Of the 1,235,000 shares that were exercised, 425,000
related to PDMRs. The 1,235,000 shares exercised amounts to $0.9 million of
which $0.3 million relates to PDMRs and $0.6 million relates to management.
E. ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)
The Company's approach to ESG reporting is guided by global frameworks and
best practice guidelines.
Environment
Tailings Storage Facilities ("TSF")
Sylvania's core cash generating business of retreating chrome dumps and
current arisings continues to benefit the environment through the reduction of
mineral waste and redepositing the tailings on improved or new facilities. All
tailings' facilities comply with the Department of Mineral Resources and
Energy ("DMRE") Mandatory Code of Practice for Mine Residue Deposits (DME
16/3/2/5-A1). Although not currently a legal requirement, the Company is
aligning its tailing management manuals and policy documents with the GISTM.
Sylvania believes that this standard represents a significant positive step
towards raising the standards in tailings management worldwide and is
committed to complying where applicable.
Biodiversity
In HY1 FY2023, the Company started and completed the first phase of pilot
scale TSF slope rehabilitation trials at the Tweefontein operation. The
purpose of the trial is to develop a method of rehabilitating TSFs upon
decommissioning which is low-cost, environmentally friendly and sustainable.
As the initial results were favourable and indicated that this method is very
suitable for rehabilitation during the operation of the TSF, the focus for
FY2024 will be to continue with this approach. Positive results from the
trials include observations of grass seed germination, plant growth and
improvements in physical and chemical characteristics of tailings.
As South Africa is one of the most biodiverse countries in the world, there is
a duty on all stakeholders, including the mining industry, to ensure that
conservation is promoted, and wildlife is protected for current and future
generations. As such, Sylvania has partnered with the Endangered Wildlife
Trust ("EWT") to assist in promoting conservation and protection of threatened
and endangered wildlife species and ecosystems in Southern Africa through
funding and support. This includes habitat preservation, species protection
and mitigation of threats to wildlife and ecosystems.
Energy and Greenhouse Gas Emissions ("GHG")
Carbon Footprint reporting has been undertaken since FY2022, measured in
metric tons of carbon dioxide equivalent (tCO(2)e) for GHG Protocol Scope 1
and Scope 2 emissions. The Carbon Footprint report for the HY1 FY2023
reporting Period showed a slight increase in Scope 1 and 2 emissions as well
as the GHG emission intensity, which is a factor of CO(2) per ton of
reprocessed tailings.
The Company's Scope 1 and Scope 2 emissions increased as a result of the
increase in power demand for HY1 FY2024 compared to HY1 FY2023 following the
commissioning of the Tweefontein and Lannex MF2 plants, respectively. Due to
the national power utility grid power challenges, there has been a substantial
increase in diesel consumption and the resultant CO(2)e. Diesel inventory was
also purchased for the new Lesedi generator installed to mitigate the load
curtailment at the plant.
The Company is continuously investigating available technology and solutions
to reduce emissions.
Water Management
New initiatives relating to improved water management were undertaken at the
Company's operations during the Period. A Water Balance was developed for each
plant and will be updated bi-annually. An automated, live water balance system
is being implemented, including the installation of additional flow metres to
increase the accuracy of the measurement of water flow and usage. From the
data, the Company, together with specialists in the field, are actively
investigating methods to reduce water usage.
Social
Incident statistics
During the Period under review, there were no significant occupational health
or environmental incidents reported and all operations remain fatality free
since inception. There were no LTIs recorded during the Period and the SDO
collectively achieved the significant milestone of being all-injury free
during Q2 FY2024, demonstrating that all employees are committed to zero-harm.
The Doornbosch operation remains 11 years LTI-free, Lesedi and Lannex are both
three years LTI-free and Tweefontein is over a year LTI-free. While the
Mooinooi operation also exceeded one-year LTI-free during the period, the
operation unfortunately suffered one LTI post Period end.
A reduction in both medical treatment and first aid cases was observed in HY1
FY2024. The two incidents that occurred related to trip and fall and tool
handling. The success in the reduction of incidents can be attributed to the
entrenchment of the plant specific safety improvement plans. These plans,
supported by the site leadership, are key to sustaining good performance going
forward.
One of the key contributing factors to the improved safety incident
performance relates to the focused training interventions and other
inspections aimed at trackless mobile machinery and tracking management,
equipment safeguarding, equipment handling, working in an elevated position
and slip and fall, which are being implemented to continuously improve control
effectiveness.
The Company ran safety awareness campaigns in HY1 FY2024 focussing on:
· Making safety personal.
· Know the rule, follow the rule.
· Silly seasons.
These were focussed on changing behaviours in the workplace towards safety and
improving safety related engagement of employees. These campaigns were
supported by topic-based training interventions covering workplace hazards,
road safety, alcohol and drug abuse, gender-based violence, and environmental
management. The effectiveness and impact of these interventions was visible,
and for the second consecutive year, the Company has achieved an accident-free
month of December.
As part of mitigating the risks linked to illegal mining, the Company has
implemented additional control measures to improve site access and security
measures. These include:
· Introduction of night vision cameras.
· Integration of security monitoring systems into control rooms.
· Review and improvement of the existing fencing and intrusion
detection systems.
These have been effective in reducing the amount of asset damage and security
incidents.
Community, customer, and stakeholder relationship
During the reporting Period, 11 additional people were employed by the
Company, resulting in a total staff complement of 652 at 31 December 2023.
The percentage of Unionised employees is 80.52% which reflects that freedom of
association is promoted and supported by the Company.
The Company continued its ongoing contributions towards Corporate Social
Investment ("CSI") Projects during the HY1 FY2024 reporting Period. These
included maintenance work, provision of supplies, furniture and groceries to
various organisations.
Demographics and diversity
Women in Mining remains a main strategic focus point at Sylvania and was
demonstrated by a steady growth in female employees during the HY1 FY2024
reporting Period. The effectiveness of the current initiatives and internal
controls are reflected through the total female representation increasing to
23.47% at the end of December 2023. In terms of employment equity, 90.80% of
the employees are Historically Disadvantaged South Africans.
The annual Gender-based violence ("GBV") awareness campaign was launched at
the end of November 2023 and rolled out throughout Sylvania. This campaign
ties in with the South African 16 Days of Activism for No Violence Against
Women and Children and aimed to:
· Increase awareness of GBV.
· Change perceptions and attitudes towards GBV and victims thereof.
· Encourage speaking up and empowerment.
The Company aims to empower those affected by GBV and provide them with a safe
environment to speak up, and to change behaviours. In HY1 FY2024, no GBV
incidents were reported within Sylvania.
Human Capital
During HY1 FY2024, significant effort and resources have been committed to the
training and development of employees. In HY1 FY2024, 1,915 training
initiatives (including induction, medicals and technical training) were
completed, a substantial increase from the 605 training initiatives in HY1
FY2023. Community Based Employee Training was provided to 14 employees during
the Period, which was an increase from 10 in the previous corresponding
period. There was only one intern (female) who was awarded an internship by
Sylvania during HY1 FY2024. Nineteen employees were awarded bursaries as of 31
December 2023, which is an increase from the 12 that were awarded in HY1
FY2023.
As at 31 December 2023, Sylvania supports three ongoing internships and eight
internal learnerships. Twelve external bursaries were maintained during the
reporting Period and Community Based Employees Training was provided to one
employee. External training was provided to over 600 people.
In terms of Sylvania's social and labour and contribution to community
development and training, the Company has one external female internship and
has employed 12 candidates from previous learnership programmes. Nineteen
external bursaries were maintained during the reporting Period.
Governance
Corporate Governance
The Company is quoted on AIM and has adopted the Quoted Companies Alliance
("QCA") Corporate Governance Code (the "Code"). The QCA launched an update
to the Code on Monday, 13 November 2023 and companies should apply the QCA
Code (2023) in respect of accounting periods commencing on or after 1 April
2024 with a 12-month transition period. Sylvania will update its governance
disclosures appropriately.
Regulatory Compliance
No material legal compliance risks or fines were issued for any aspects linked
to governance, tax or other financial management aspects.
An external consultant was contracted to develop an interactive Mineral Rights
and Compliance Register. The first phase of this project was initiated in
FY2023 to ensure that all permitting and licence requirements are captured,
compliance actions are defined and coordinated, permitting and compliance
actions are tracked and reporting is carried out. The aim is to have the
register operational and embedded by the end of FY2024.
Sylvania's licence to operate relates directly to environmental permits and
authorisations under relevant sections of the:
· Mineral and Petroleum Resources Development Act 2002 ("MPRDA") -
mining rights, environmental management programme reports as well as social
and labour plans;
· National Environmental Management Act 1998 ("NEMA"), sectorial
national legislation and related regulations including environmental impact
assessments ("EIAs") linked with the listed activities being performed; and
· National Water Act 1998 ("NWA") - Water Use Licences ("WULs").
Economic contribution
The following economic contributions continued during HY1 FY2024:
1. Employee and related payments including:
· Salaries and wages.
· Contributions and employees' tax paid.
· Employee Dividend Entitlement Plan.
2. Regulatory payments to South African Revenue Services including:
· Income tax.
· Value-added tax.
· Dividend withholding tax.
· Mineral royalty tax.
Economic Contribution: National and Local Governance:
Indicator Unit HY1 FY2023 HY1 FY2024
Salaries and wages(1) ZAR 147,574,208 167,639,883
Contributions and employee tax paid ZAR 69,771,798 64,099,451
Employee dividend participation scheme ZAR 11,657,520 8,872,108
Income tax(2) ZAR 189,643,504 33,551,650
Value-added tax(2) ZAR 119,333,103 51,189,765
Dividend withholding tax(3) ZAR - 49,868,421
Mineral royalty tax(2) ZAR 47,902,038 10,907,970
1 Salaries and wages are reflected as net after tax and include the vested
shares benefits.
2 Income tax, value-added tax and mineral royalty tax decreased due to the 48%
decrease in basket price in USD terms.
3 Dividend withholding tax is paid on an ad hoc basis when intercompany
dividends are declared and paid.
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO +27 11 673 1171
Lewanne Carminati CFO
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Scott Mathieson
Communications
BlytheRay +44 (0) 20 7138 3205
Tim Blythe / Megan Ray / Alastair Roberts sylvania@BlytheRay.com (mailto:sylvania@BlytheRay.com)
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 (http://www.sylvaniaplatinum.com)
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group metals (PGM)
(platinum, palladium and rhodium) with operations located in South Africa. The
Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM
processing plants focusing on the retreatment of PGM-rich chrome tailings
materials from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry. Additionally,
the Thaba JV comprises chrome beneficiation and PGM processing plants, which
will treat a combination of run of mine (ROM) and historical chrome tailings
from the JV partner, adding a full margin chromite concentrate revenue stream.
The Group also holds mining rights for PGM projects in the Northern Limb of
the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
ANNEXURE
GLOSSARY OF TERMS FY2024
The following definitions apply throughout the Period:
3E PGMs 3E ounces include the precious metal elements platinum, palladium and gold
4E PGMs 4E 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 costs All-in sustaining cost plus non-sustaining and expansion capital expenditure
All-in sustaining cost Production costs plus all costs relating to sustaining current production
and sustaining capital expenditure
CLOs Community Liaison Officers
Current arisings Fresh chrome tails from current operating host mines processing operations
DMRE Department of Mineral Resources and Energy
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EEFs Employment Engagement Forums
EDEP Employee Dividend Entitlement Plan
ESG Environment, social and governance
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
ESG Environment, Social and Governance
GBP Pounds Sterling
GBV Gender-based violence
GHG Greenhouse gases
GISTM Global Industry Standard on Tailings Management
GRI Global Reporting Initiative
JORC Joint Ore Reserves Committee
IASB International Accounting Standards Board
ICE Internal combustion engine
IFRIC International Financial Reporting Interpretation Committee
IFRS International Financial Reporting Standards
Lesedi Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi
LSE London Stock Exchange
LTI Lost-time injury
LTIFR Lost-time injury frequency rate
MF2 Milling and flotation technology
MPRDA Mineral and Petroleum Resources Development Act
MRA Mining Right Application
MRE Mineral Resource Estimate
Mt Million Tons
NUMSA National Union of Metals Workers of South Africa
NWA National Water Act 36 of 1998
PGM Platinum group metals comprising mainly platinum, palladium, rhodium and gold
PAR Pan African Resources Plc
PDMR Person displaying management responsibility
PEA Preliminary Economic Assessment
PFS Preliminary Feasibility Study
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
Project Echo Secondary PGM Milling and Flotation (MF2) program announced in FY2017 to
design and install additional new fine grinding mills and flotation circuits
at Millsell, Doornbosch, Tweefontein, Mooinooi and Lesedi
Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
ROM Run of mine
SDO Sylvania dump operations
SHE Safety, health and environmental
Silly Season The 'Silly Season' campaign is historically where a high number of accidents
at mines are reported during the last quarter of the calendar year. This
period is often challenging from a health and safety perspective and is
commonly known as 'Silly Season/ Critical Season'.
SLP Social and Labour Plan
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
Sylvania Metals Sylvania Metals (Pty) Limited
tCO2e Tons of carbon dioxide equivalent
Thaba JV Thaba Joint Venture
TRIFR Total recordable injury frequency rate
TSF Tailings storage facility
UNSDGs United Nations Sustainability Development Goals
USD United States Dollar
WULA Water Use Licence Application
UK United Kingdom of Great Britain and Northern Ireland
ZAR South African Rand
Zero Harm The South African mining industry is committed to the shared aspiration of
achieving the goal of Zero Harm, which aims to ensure that mineworkers return
home from work healthy and unharmed every day
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR GLGDDSUDDGSDRecent news on Sylvania Platinum
See all newsREG - Sylvania Platinum - Share Buyback Update
AnnouncementREG - Sylvania Platinum - Share Buyback Update
AnnouncementREG - Sylvania Platinum - Share Buyback Update
AnnouncementREG - Sylvania Platinum - Share Buyback
AnnouncementREG - Sylvania Platinum - Share Buyback
Announcement