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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eastern Plat | LSE:ELR | London | Ordinary Share | CA2768551038 | COM SHS NPV (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMELR Eastern Platinum Reports Results for the Three Months Ended March 31, 2013 and Approves Advance Notice Policy NEWS RELEASE TRANSMITTED BY MARKETWIRED FOR: EASTERN PLATINUM LIMITED TSX, AIM SYMBOL: ELR JSE SYMBOL: EPS May 15, 2013 Eastern Platinum Reports Results for the Three Months Ended March 31, 2013 and Approves Advance Notice Policy VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2013) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats" or the "Company) (TSX:ELR)(AIM:ELR)(JSE:EPS) reports financial results for the three months ended March 31, 2013. Summary of results for the three months ended March 31, 2013 ("Q1 2013"): /T/ =- Eastplats recorded a loss attributable to equity shareholders of the Company of $10,365,000 ($0.01 loss per share) in the quarter ended March 31, 2013 ("Q1 2013") compared to a loss of $8,908,000 ($0.01 loss per share) in the quarter ended March 31, 2012 ("Q1 2012"). =- Adjusted EBITDA was negative $4,611,000 in Q1 2013 compared to negative $2,414,000 in Q1 2012. =- PGM ounces sold decreased 54% to 11,224 ounces in Q1 2013 compared to 24,474 PGM ounces in Q1 2012. =- The U.S. dollar average delivered price per PGM ounce decreased 1% to $960 in Q1 2013 compared to $969 in Q1 2012. =- The Rand average delivered price per PGM ounce increased 14% to R8,595 in Q1 2013 compared to R7,510 in Q1 2012. =- Total Rand operating cash costs decreased 32% to R141 million in Q1 2013 compared to R208 million in Q1 2012. =- Rand operating cash costs net of by-product credits increased 52% to R11,644 per ounce in Q1 2013 compared to R7,670 per ounce in Q1 2012. Rand operating cash costs increased 48% to R12,535 per ounce in Q1 2013 compared to R8,486 per ounce in Q1 2012. =- U.S. dollar operating cash costs net of by-product credits increased 31% to $1,301 per ounce in Q1 2013 compared to $990 per ounce achieved in Q1 2012. U.S. dollar operating cash costs increased 28% to $1,400 per ounce in Q1 2013 compared to $1,095 per ounce in Q1 2012. =- Head grade decreased 2% to 3.97 grams per tonne in Q1 2013 compared to 4.07 grams per tonne in Q1 2012. =- Average concentrator recovery decreased to 74% in Q1 2013 compared to 77% in Q1 2012. =- Development meters decreased by 60% to 1,243 meters and on-reef development decreased by 72% to 484 meters compared to Q1 2012. =- Stoping units decreased 60% to 16,011 square meters in Q1 2013 compared to 39,857 square meters in Q1 2012. =- Run-of-mine ore hoisted decreased 59% to 102,539 tonnes in Q1 2013 compared to 247,538 tonnes in Q1 2012. =- Run-of-mine ore processed decreased by 57% to 101,981 tonnes in Q1 2013 compared to 235,354 tonnes in Q1 2012. =- The Company's Lost Time Injury Frequency Rate (LTIFR) was 2.91 in Q1 2013 compared to 5.46 in Q1 2012. =- At March 31, 2013, the Company had a cash position (including cash, cash equivalents and short term investments) of $115,630,000 (December 31, 2012 - $130,925,000). /T/ For complete details of financial results, please refer to the unaudited condensed consolidated interim financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2013. These financial statements and MD&A, and the comparative financial statements for the three months ended March 31, 2012 are all available on SEDAR at www.sedar.com and on the Company's website www.eastplats.com. The qualified person having reviewed the operating disclosures presented in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development. Advance Notice Policy Eastern Platinum Limited's board of directors (the "Board of Directors") has approved an advance notice policy (the "Policy") effective May 13, 2013. The purpose of the Policy is to provide a clear framework for nominating directors of the Company which will facilitate an orderly and efficient process for nomination and election of directors at annual or special general meetings of shareholders. Among other things, the Policy fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special general meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form. In the case of an annual general meeting of shareholders, notice to the Company must be made not less than 40 nor more than 75 days prior to the date of the annual general meeting; provided, however, that in the event that the annual general meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual general meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special general meeting of shareholders (which is not also an annual general meeting), notice to the Company must be made no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special general meeting was made. The Policy provides that the Board of Directors may, in its sole discretion, waive any requirement of the Policy. The Board of Directors intends to seek shareholder ratification of the Policy at Eastplats' next annual and special meeting, to be held on June 12, 2013. The full text of the Policy is available on SEDAR at www.sedar.com. Total shares issued and outstanding - 928,187,807 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Eastern Platinum Limited Ian Rozier President & C.E.O. +1-604-685-6851 +1-604-685-6493 (FAX) info@eastplats.com www.eastplats.com NOMAD: Andrew Chubb, Ross Allister Canaccord Genuity Limited, London Tel: +44 (0) 207 7523 8000 JSE SPONSOR: Johan Fourie PSG Capital (Pty) Limited Email: johanf@psgcapital.com Tel: +27 21 887 9602 Please refer to the Company's unaudited condensed consolidated interim financial statements and notes thereto regarding the note references shown in the financial statements presented below. Eastern Platinum Limited Condensed consolidated interim statements of loss (Expressed in thousands of U.S. dollars, except per share amounts - unaudited) Three months ended Note March 31, 2013 2012 (Note 3(c)) =--------------------------------------------------------------------------------------------------- Revenue 20(c) $ 13,342 $ 30,656 =--------------------------------------------------------------------------------------------------- Cost of operations Production costs 17,953 33,070 Depletion and depreciation 5 2,222 4,323 Gain on disposal of property, plant and equipment (270) - =--------------------------------------------------------------------------------------------------- 19,905 37,393 =--------------------------------------------------------------------------------------------------- Mine operating loss (6,563) (6,737) =--------------------------------------------------------------------------------------------------- Expenses General and administrative 5(d) 1,932 2,203 Share-based payments 6(d)(e) 3,090 2,317 =--------------------------------------------------------------------------------------------------- 5,022 4,520 =--------------------------------------------------------------------------------------------------- Operating loss (11,585) (11,257) Other income (expense) Interest income 544 1,032 Finance costs 7 (262) (294) Foreign exchange (loss) gain (1,818) 247 =--------------------------------------------------------------------------------------------------- Loss before income taxes (13,121) (10,272) Income tax recovery (expense) 55 (2,837) =--------------------------------------------------------------------------------------------------- Net loss for the period $ (13,066) $ (13,109) =--------------------------------------------------------------------------------------------------- Attributable to Non-controlling interest 8 $ (2,701) $ (4,201) Equity shareholders of the Company (10,365) (8,908) =--------------------------------------------------------------------------------------------------- Net loss for the period $ (13,066) $ (13,109) =--------------------------------------------------------------------------------------------------- Loss per share Basic 9 $ (0.01) $ (0.01) Diluted 9 $ (0.01) $ (0.01) =--------------------------------------------------------------------------------------------------- Weighted average number of common shares outstanding in thousands Basic 9 927,805 927,499 Diluted 9 927,805 927,499 =--------------------------------------------------------------------------------------------------- Approved and authorized for issue by the Board on May 13, 2013. "David Cohen" "Robert Gayton" =------------------------------------------ -------------------------------------------------- David Cohen, Director Robert Gayton, Director Eastern Platinum Limited Condensed consolidated interim statements of comprehensive loss (Expressed in thousands of U.S. dollars - unaudited) =------------------------------------------------------------------------------------------------------- Three months ended March 31, 2013 2012 =------------------------------------------------------------------------------------------------------- Net loss for the period $ (13,066) $ (13,109) Other comprehensive (loss) income Items that may subsequently be reclassified to loss or profit Exchange differences on translating foreign operations (46,771) 33,176 Exchange differences on translating non- controlling interest 1,296 (285) =------------------------------------------------------------------------------------------------------- Comprehensive (loss) income for the period $ (58,541) $ 19,782 =------------------------------------------------------------------------------------------------------- Attributable to Non-controlling interest (1,405) (4,486) Equity shareholders of the Company (57,136) 24,268 =------------------------------------------------------------------------------------------------------- Comprehensive (loss) income for the period $ (58,541) $ 19,782 =------------------------------------------------------------------------------------------------------- Eastern Platinum Limited Condensed consolidated interim statements of financial position as at March 31, 2013, December 31, 2012 and January 1, 2012 (Expressed in thousands of U.S. dollars - unaudited) March 31, December 31, January 1, 2013 2012 2012 Note (Note 4(a)) (Note 4(a)) =--------------------------------------------------------------------------------------------------------- Assets Current assets Cash and cash equivalents 10 $ 66,432 $ 70,699 $ 151,838 Short-term investments 49,198 60,226 98,963 Trade and other receivables 11 14,575 15,556 23,580 Inventories 12 4,440 4,746 7,989 =--------------------------------------------------------------------------------------------------------- 134,645 151,227 282,370 Non-current assets Property, plant and equipment 5 536,148 577,031 615,439 Refining contract 13 6,424 7,270 9,009 Other assets 14 8,906 9,062 7,995 =--------------------------------------------------------------------------------------------------------- $ 686,123 $ 744,590 $ 914,813 =--------------------------------------------------------------------------------------------------------- Liabilities Current liabilities Trade and other payables 15 $ 16,994 $ 17,879 $ 40,459 Finance leases - - 1,675 =--------------------------------------------------------------------------------------------------------- 16,994 17,879 42,134 Non-current liabilities Provision for environmental rehabilitation 16 11,364 12,066 8,390 Deferred tax liabilities 18,548 19,977 33,520 =--------------------------------------------------------------------------------------------------------- 46,906 49,922 84,044 =--------------------------------------------------------------------------------------------------------- Equity Issued capital 6 1,230,358 1,230,358 1,230,358 Treasury shares 6(c)(e) (204) (204) (334) Equity-settled employee benefits reserve 4(a) 12,081 8,991 34,391 Foreign currency translation reserve (175,539) (128,768) (103,479) Deficit 4(a) (410,380) (400,015) (326,684) =--------------------------------------------------------------------------------------------------------- Capital and reserves attributable to equity shareholders of the Company 656,316 710,362 834,252 Non-controlling interest 8 (17,099) (15,694) (3,483) =--------------------------------------------------------------------------------------------------------- 639,217 694,668 830,769 =--------------------------------------------------------------------------------------------------------- $ 686,123 $ 744,590 $ 914,813 =--------------------------------------------------------------------------------------------------------- Condensed consolidated interim statements of cash flows (Expressed in thousands of U.S. dollars - unaudited) Three months ended March 31, March 31, Note 2013 2012 =----------------------------------------------------------------------------------------- Operating activities Loss before income taxes $ (13,121) $ (10,272) Adjustments to net loss for non-cash items Depletion and depreciation 5 2,285 4,388 Gain on disposal of property, plant and equipment (270) - Refining contract amortization 13 309 357 Share-based payments 6(d)(e) 3,090 2,317 Interest income (544) (1,032) Finance costs 7 262 294 Foreign exchange loss (gain) 1,818 # (247) Net changes in non-cash working capital items Trade and other receivables 367 (5,653) Inventories (52) (637) Trade and other payables (52) 1,545 =----------------------------------------------------------------------------------------- Cash used in operations (5,908) (8,940) Adjustments to net loss for cash items Interest income received 377 819 Finance costs paid (44) (38) Taxes received 465 716 =----------------------------------------------------------------------------------------- Net operating cash flows (5,110) (7,443) =----------------------------------------------------------------------------------------- Investing activities Net maturity of short-term investments 9,855 (34,467) Purchase of other assets (537) (334) Property, plant and equipment expenditures (5,004) (22,623) Disposal of property, plant and equipment 525 - =----------------------------------------------------------------------------------------- Net investing cash flows 4,839 (57,424) =----------------------------------------------------------------------------------------- Financing activities Acquisition of Lion's Head - (10,000) Payment of finance leases - (1,680) =----------------------------------------------------------------------------------------- Net financing cash flows - (11,680) =----------------------------------------------------------------------------------------- Effect of exchange rate changes on cash and cash equivalents (3,996) 2,719 =----------------------------------------------------------------------------------------- Decrease in cash and cash equivalents (4,267) (73,828) Cash and cash equivalents, beginning of year 70,699 151,838 =----------------------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 66,432 $ 78,010 =----------------------------------------------------------------------------------------- No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Eastern Platinum Limited
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