TIDMELR
Eastern Platinum Reports Results for the Three Months Ended March 31, 2012
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
May 14, 2012
Eastern Platinum Reports Results for the Three Months Ended March 31, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2012) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") reports financial results for the three months ended March 31, 2012.
Summary of results for the three months ended March 31, 2012 ("Q1 2012"):
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=- Eastplats recorded a loss attributable to equity shareholders of the
Company of $8,908,000 ($0.01 loss per share) in the quarter ended March
31, 2012 ("Q1 2012") compared to a loss of $5,633,000 ($0.01 loss per
share) in the quarter ended March 31, 2011 ("Q1 2011").
=- EBITDA decreased to negative $2,414,000 in Q1 2012 compared to
$6,412,000 in Q1 2011.
=- PGM ounces sold decreased 4% to 24,474 ounces in Q1 2012 compared to
25,387 PGM ounces in Q1 2011.
=- The U.S. dollar average delivered price per PGM ounce decreased 15% to
$969 in Q1 2012 compared to $1,136 in Q1 2011.
=- The Rand average delivered price per PGM ounce decreased 6% to R7,510 in
Q1 2012 compared to R7,963 in Q1 2011.
=- Total Rand operating cash costs increased 1% to R208 million in Q1 2012
compared to R205 million in Q1 2011.
=- Rand operating cash costs net of by-product credits increased 24% to
R7,670 per ounce in Q1 2012 compared to R6,167 per ounce in Q1 2011.
Rand operating cash costs increased 5% to R8,486 per ounce in Q1 2012
compared to R8,090 per ounce in Q1 2011.
=- U.S. dollar operating cash costs net of by-product credits increased 13%
to $990 per ounce in Q1 2012 compared to $880 per ounce achieved in Q1
2011. U.S. dollar operating cash costs decreased 5% to $1,095 per ounce
in Q1 2012 compared to $1,154 per ounce in Q1 2011.
=- Head grade increased to 4.07 grams per tonne in Q1 2012 from 3.93 grams
per tonne in Q1 2011.
=- Average concentrator recovery decreased to 77% in Q1 2012 compared to
79% in Q1 2011.
=- Development meters decreased by 26% to 3,117 meters and on-reef
development decreased by 30% to 1,704 meters compared to Q1 2011.
=- Stoping units decreased 11% to 39,857 square meters in Q1 2012 compared
to 44,674 square meters in Q1 2011.
=- Run-of-mine ore hoisted remained consistent at 247,538 tonnes in Q1 2012
compared to 247,369 tonnes in Q1 2011.
=- Run-of-mine ore processed decreased by 4% to 235,354 tonnes in Q1 2012
compared to 245,500 tonnes in Q1 2011.
=- The Company's Lost Time Injury Frequency Rate (LTIFR) was 5.46 in Q1
2012 compared to 1.54 in Q1 2011.
=- At March 31, 2012, the Company had a cash position (including cash, cash
equivalents and short term investments) of $213,492,000 (December 31,
2011 - $250,801,000).
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The qualified person having reviewed the operating disclosures presented in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.
Financial Information
For complete details of financial results, please refer to the audited condensed consolidated financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2012. These financial statements and MD&A, and the comparative financial statements for the three months ended March 31, 2011 are all available on SEDAR at www.sedar.com and on the Company's website www.eastplats.com.
Teleconference call details
Eastplats will host a telephone conference call on Monday, May 14, 2012 at 10:00 am Pacific (1:00 pm Eastern) to discuss these results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.
The conference call will be archived for later playback until Monday, May 21, 2012 and can be accessed by dialing 1-604-638-9010 or 1-800-319-6413 and using the pass code 4219 followed by the number sign (#).
Total shares issued and outstanding - 928,187,807
For further information, please contact:
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EASTERN PLATINUM LIMITED
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
http://www.eastplats.com/
NOMAD:
Rob Collins
Canaccord Genuity Limited, London
Tel: +44 (0) 207 523 8000
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
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No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the currency markets such as Canadian dollar, South African Rand and U.S. dollar, fluctuations in the prices of PGM and other commodities, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, South Africa, or Barbados or other countries in which the Company carries or may carry on business in the future, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits, and quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. Specific reference is made to the Company's most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
/T/
(Unaudited Financial Statements)
Eastern Platinum Limited
Condensed consolidated interim income statements
(Expressed in thousands of U.S. dollars, except per share amounts -
unaudited)
Three months ended
Note March 31, March 31,
2012 2011
=---------------------------------------------------------------------------------------------------
Revenue $ 24,386 $ 35,702
=---------------------------------------------------------------------------------------------------
Cost of operations
Production costs 26,800 29,290
Depletion and depreciation 6 4,323 5,119
=---------------------------------------------------------------------------------------------------
31,123 34,409
=---------------------------------------------------------------------------------------------------
Mine operating (loss) earnings (6,737) 1,293
=---------------------------------------------------------------------------------------------------
Expenses
General and administrative 6(d) 2,203 3,095
Share-based payments 7(e)(f) 2,317 8,223
=---------------------------------------------------------------------------------------------------
4,520 11,318
=---------------------------------------------------------------------------------------------------
Operating loss (11,257) (10,025)
Other income (expense)
Interest income 1,032 1,509
Finance costs 8 (294) (522)
Foreign exchange gain 247 1,564
=---------------------------------------------------------------------------------------------------
Loss before income taxes (10,272) (7,474)
Income tax (expense) recovery (2,837) 122
=---------------------------------------------------------------------------------------------------
Net loss for the period $ (13,109) $ (7,352)
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Attributable to
Non-controlling interest 9 $ (4,201) $ (1,719)
Equity shareholders of the Company (8,908) (5,633)
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Net loss for the period $ (13,109) $ (7,352)
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Loss per share
Basic 10 $ (0.01) $ (0.01)
Diluted 10 $ (0.01) $ (0.01)
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Weighted average number of common shares outstanding in thousands
Basic 10 927,499 908,015
Diluted 10 927,499 908,015
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Approved and authorized for issue by the Board on May 10, 2012.
"David Cohen" "Robert Gayton"
=---------------------------------------------------------------------------------------------------
David Cohen, Director Robert Gayton, Director
Eastern Platinum Limited
Condensed consolidated interim statements of comprehensive income (loss)
(Expressed in thousands of U.S. dollars - unaudited)
=---------------------------------------------------------------------------------------------------
Three months ended
March 31, March 31,
2012 2011
=---------------------------------------------------------------------------------------------------
Net loss for the period $ (13,109) $ (7,352)
Other comprehensive income
Exchange differences on translating
foreign operations 33,176 (1,729)
Exchange differences on translating non-
controlling interest (285) (192)
=---------------------------------------------------------------------------------------------------
Comprehensive income (loss) for the period $ 19,782 $ (9,273)
=---------------------------------------------------------------------------------------------------
Attributable to
Non-controlling interest (4,486) (1,911)
Equity shareholders of the Company 24,268 (7,362)
=---------------------------------------------------------------------------------------------------
Comprehensive income (loss) for the period $ 19,782 $ (9,273)
=---------------------------------------------------------------------------------------------------
Eastern Platinum Limited
Condensed consolidated interim statements of financial position as at
March 31, 2012 and December 31, 2011
(Expressed in thousands of U.S. dollars - unaudited)
March 31, December 31,
Note 2012 2011
=---------------------------------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 11 $ 78,010 $ 151,838
Short-term investments 135,482 98,963
Trade and other receivables 12 32,949 23,580
Inventories 13 9,081 7,989
=---------------------------------------------------------------------------------------------------
255,522 282,370
Non-current assets
Property, plant and equipment 6 661,159 615,439
Refining contract 14 9,152 9,009
Other assets 15 8,781 7,995
=---------------------------------------------------------------------------------------------------
$ 934,614 $ 914,813
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables 16 $ 34,553 $ 40,459
Finance leases - 1,675
=---------------------------------------------------------------------------------------------------
34,553 42,134
Non-current liabilities
Provision for environmental
rehabilitation 17 9,047 8,390
Deferred tax liabilities 38,154 33,520
=---------------------------------------------------------------------------------------------------
81,754 84,044
=---------------------------------------------------------------------------------------------------
Equity
Issued capital 7 1,230,358 1,230,358
Treasury shares 7(f) (334) (334)
Equity-settled employee benefits
reserve 43,872 41,563
Foreign currency translation reserve (70,303) (103,479)
Deficit (342,764) (333,856)
=---------------------------------------------------------------------------------------------------
Capital and reserves attributable to
equity shareholders of the Company 860,829 834,252
Non-controlling interest 9 (7,969) (3,483)
=---------------------------------------------------------------------------------------------------
852,860 830,769
=---------------------------------------------------------------------------------------------------
$ 934,614 $ 914,813
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
Eastern Platinum Limited
Condensed consolidated interim statements of cash flows
(Expressed in thousands of U.S. dollars - unaudited)
Three months ended
March 31, March 31,
Note 2012 2011
=---------------------------------------------------------------------------------------------------
Operating activities
Loss before income taxes $ (10,272) $ (7,474)
Adjustments to net loss for
non-cash items
Depletion and depreciation 6 4,388 5,119
Refining contract amortization 14 357 395
Share-based payments 7(e)(f) 2,317 8,223
Interest income (1,032) (1,509)
Finance costs 8 294 522
Foreign exchange gain (247) (1,564)
Net changes in non-cash working capital
items
Trade and other receivables (5,653) (317)
Inventories (637) (38)
Trade and other payables 1,545 2,428
=---------------------------------------------------------------------------------------------------
Cash (used in) generated from operations (8,940) 5,785
Adjustments to net loss for cash items
Interest income received 819 650
Finance costs paid (38) (193)
Net taxes received (paid) 716 (283)
=---------------------------------------------------------------------------------------------------
Net operating cash flows (7,443) 5,959
=---------------------------------------------------------------------------------------------------
Investing activities
Acquisition of Lion's Head 5 (10,000) -
Net purchase of short-term investments (34,467) (5,071)
Purchase of other assets (334) (691)
Property, plant and equipment
expenditures (22,623) (14,323)
=---------------------------------------------------------------------------------------------------
Net investing cash flows (67,424) (20,085)
=---------------------------------------------------------------------------------------------------
Financing activities
Payment of finance leases (1,680) -
=---------------------------------------------------------------------------------------------------
Net financing cash flows (1,680) -
=---------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash
and cash equivalents 2,719 2,126
=---------------------------------------------------------------------------------------------------
Decrease in cash and cash equivalents (73,828) (12,000)
Cash and cash equivalents, beginning of
period 151,838 107,846
=---------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 78,010 $ 95,846
=---------------------------------------------------------------------------------------------------
=---------------------------------------------------------------------------------------------------
/T/
Eastern Platinum Limited
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