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(Wallace Refiners) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) today reported a 43% growth in revenue for the year ended December 31, 2020 of $56.1 million compared to $39.2 million in the prior year. The growth in revenue is due to the strong operating results from the retreatment project in South Africa.
Net loss to equity shareholders was $8.0 million (loss of $0.08 per share) for the year ended December 31, 2020 compared to earnings to equity shareholders of $0.1 million (earnings of $0.00 per share) for the prior year, resulting from an increase in non-cash finance costs, foreign exchange losses and the legal settlement with AlphaGlobal.
Eastplats reported 987,003 tons of chrome concentrate production, a 68% increase from 2019 production.
During 2020, the company completed the refurbishment of the small-scale PGM circuit and began operating during Q3 2020. The company generated approximately 134 tons of pressed filter cake PGM concentrate and delivered approximately 32.18 tons during 2020.
Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South Africa. All of the company’s properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80% of the world’s PGM-bearing ore. Operations at the Crocodile River mine include re-mining and processing its tailings resource.
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