EASTERN Platinum (Eastplats) said it would start producing first chrome from its Crocodile River operations in South Africa in the fourth quarter after reporting good progress year-to-date with commissioning of a re-treatment facility due in the third quarter.
Commenting in its second quarter results announcement, in which it booked a net loss of $4.2m for the period, the company said all significant items for the chrome circuit were on-site whlle the tailings facility and dam construction were progressing satisfactorily.
The net loss – nearly double the $2.2m net loss in the same period during the 2017 financial year – was put down to a foreign exchange loss of $2.2m compared to an exchange loss of only $300,000 last year.
The company has cash and short-term investments of $18.4m and working capital of $18.5m as of June 30 – enough to complete the re-treatment project. However, all other initiatives and projects had been put on hold, it said.
