- Production guidance raised from 72,000 to 74,000 ounces (oz) for year to 30 June 2023
- Net cash up 16 per cent to $144.2mn (43p), or half market capitalisation of £226mn
- Third quarter cash profit halves to $9.8mn on 28 per cent lower net revenue of $26.5mn
Sylvania Platinum (SLP:85p), a South African producer and developer of platinum, palladium and rhodium, has upgraded full-year production guidance. But softer metal prices mean annual profits are set to decline year on year.
Third-quarter results fell below analyst forecasts due to a 21 per cent quarter-on-quarter fall in the average basket price to $1,932 per ounce. This impacted both revenue for the three-month period and the sales adjustment for the previous quarter. Moreover, unit costs have come under pressure due to cost inflation, lower grades and throughput – ore from host mines and current arisings from Samancor were replaced with dump material which led to lower feed grades. That said, the dump operations’ cash cost of $688 per oz is materially below the basket price.