Eastern Platinum in its ‘Full Year Results for the year ended 31 December 2021’ report states that revenue increased by 21.5% to $68.2 million, from $56.1 million in the prior corresponding period.
The Company continues its Retreatment Project at Barplats Mines (Pty) Limited’s tailings facility located at the Company’s CRM in South Africa.
The majority of the Company’s revenue (approximately 89% and 92% for Q4 2021 and FY2021, respectively) is generated from the offtake agreement with Union Goal Offshore Solution in relation to chrome concentrate production from the Retreatment Project. The remaining amount of the Company’s revenue was from PGM concentrate sales to Impala Platinum. There were no PGM revenues generated during the comparable periods in 2020.
The completion of the reconfiguration and optimization of the small-scale PGM circuit in Q1 2021 continued to successfully utilize the feed, following the recovery of chrome concentrate, to produce PGM concentrate under the respective offtake agreements in Q4 2021. Refurbishment work commenced on the PGM main plant circuit during April 2021 and the circuit was commissioned in October 2021. PGM Circuit D and PGM Main Circuit B are both operating, which continue to drive revenue growth and gross margin improvement for the company.
Diana Hu, President, Chief Executive Officer, and Director of Eastplats commented, “We continue to be encouraged by the positive results as the Company’s revenue growth and profitability improves from the Retreatment Project and PGM capacity increases from the PGM circuits. We have initiated efforts to raise funds to restart the Zandfontein underground operations at the Crocodile River Mine and if successful, look forward to the opportunity to generate additional revenue streams for the Company.”