TIDMSLP
RNS Number : 1310L
Sylvania Platinum Limited
28 April 2020
28 April 2020
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
AIM (SLP)
Third Quarter Report to 31 March 2020
The Directors are pleased to present the results for the quarter
ended 31 March 2020 ("Q3" or the "quarter"). Unless otherwise
stated, the consolidated financial information contained in this
report is presented in United States Dollars ("USD").
Achievements
-- Sylvania Dump Operations ("SDO") declared 19,968 4E PGM
ounces in Q3 (Q2: 19,206 4E PGM ounces);
-- Net revenue increased 56% to $43.6 million for Q3 (Q2: $27.9
million), assisted by increased production
and a 9% increase in the USD basket price;
-- Group EBITDA increased 83% to $32.0 million (Q2: $17.4 million);
-- Net profit of $25.4 million, a 123% increase quarter-on-quarter (Q2: $11.4 million);
-- Bought back a total of 5,173,632 ordinary shares of $0.01 at
an average price of 47.40 pence per share;
-- Cash balance of $45.3 million, comprising ZAR709.0 million
and $6.0 million, (Q2: $33.8 million) after share buybacks
purchased during the quarter; and
-- On 1 April 2020, bought back a further 5,215,000 shares at
49.40 pence per share and cancelled 2,879,115 shares .
Challenges
-- State of Disaster declared in South Africa ("SA") following
the global outbreak of COVID-19, resulting in a national lockdown
effective from midnight 26 March 2020. This was extended on 9 April
2020 to 30 April 2020. As a consequence, the SDO operations were
placed on care and maintenance until lockdown ends;
-- Force majeure notices were received from contracted smelters
treating the SDOs PGM concentrate, resulting in a suspension of
deliveries since the start of the lockdown. Any concentrate
produced during the lockdown is to be stockpiled on site where
possible, resulting in delayed revenue and cash flow;
-- Power interruptions related to Eskom load-shedding and
quality of supply still impacted negatively on some operations;
-- Proposed retrenchments at certain host mines due to the
depressed chrome market will impact the amount of current arisings
feed during next quarter and FY2021 but the SDO is able to
substitute current arisings and RoM sources with historic dump
material in order to mitigate this impact ;
-- B ased on the impact of the COVID-19 lockdown period to date
and related uncertainty for the future, the previously announced
guidance of 74,000 to 76,000 has been suspended. However, the
Group's expected PGM production for FY2020 is approximately 68,000
ounces provided the operations are able to resume as planned;
and
-- A large portion of the cash is held in ZAR and with the
recent weakening of the ZAR to the USD, a significant impact on the
USD reported cash balance going forward will be had.
Opportunities
-- The SDO has permission under the host mine approval to resume
scaled-down operations in alignment with reduced workforce and
stringent additional safety measures contained in amended lockdown
regulations announced on 16 April 2020. Operations are expected to
resume by 1 May 2020;
-- The nature of the SDO allows for quicker start-up of
operations than traditional underground mines;
-- Strong cash reserves allow for the maintenance of the plants
and the safeguarding of our employees during these times of
uncertainty;
-- Optimisation project initiated at Mooinooi to improve the
upgrading and recovery of PGMs, expected to commission towards the
end of H1 FY2021; and
-- The Group remains debt free and continues to generate
sufficient cash reserves to fund capital expansion and process
optimisation projects.
Commenting on the Q3 results, Sylvania's CEO, Jaco Prinsloo
said:
"Traditionally, the third quarter is often the lowest production
quarter of the year, but by building on the solid performance from
the previous quarter the SDO again performed well and produced
19,968 PGM ounces, surpassing Q2 as the third highest quarter of
production in the history of the Company. Net revenue increased 56%
assisted by the higher production and the 9% improvement in the USD
basket price. As a result, the Group's cash holding at the end of
the period was the equivalent of $45.3 million, although, this
figure is likely to be negatively impacted by the weakening of the
currency in South Africa since period end.
"Towards the end of the quarter, the global COVID-19 pandemic
resulted in a State of Disaster and the declaration of a 21-day
national lockdown in South Africa, which was extended, on 9 April
2020 by a further two weeks until 30 April 2020. Although the
impact on Q3 production was limited, there will be a more
significant loss of production in Q4. Management has taken several
proactive steps to safeguard both our employees and our business
and the Group is in the fortunate position of being able to ride
out the prolonged lockdown period. The Board and management have
been prudent in their steering of the Company throughout this
global health crisis and I have full faith that once business
resumes, we will be able to ramp up production in a safely
controlled environment in order to close off the financial year in
June 2020 on a positive note.
"The impact of the COVID-19 lockdown period to date and related
uncertainty for the future has resulted in the Board taking the
decision to suspend the previously announced guidance of 74,000 to
76,000 ounces. Based on current information at hand and anticipated
operational performance, the Group's PGM production is expected to
be circa 68,000 ounces for FY2020. This is however dependant on the
operations being able to resume as planned with no further
delays.
"I would like to commend our management teams who have been
working tirelessly since the emergence of the COVID-19 pandemic to
implement additional safety measures and evaluate various operating
scenarios to ensure we can resume operations safely as soon as
conditions allow. The resumption of operations will depend on
adequate measures being put in place to ensure compliance with
relevant regulations and the application of all the necessary
training, health, hygiene, safety and personal protective measures
that are required to keep the Group's employees safe. "
USD Unit Unaudited Unit ZAR
Q2 FY2020 Q3 FY2020 % Change % Change Q3 FY2020 Q2 FY2020
---------- --------- --------- ---------- ----------
Production
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
714,244 597,025 -16% T Plant Feed T -16% 597,025 714,244
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
2.12 2.10 -1% g/t Feed Head Grade g/t -1% 2.10 2.12
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
308,034 280,880 -9% T PGM Plant Feed Tons T -9% 280,880 308,034
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
3.53 3.60 2% g/t PGM Plant Feed Grade g/t 2% 3.60 3.53
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
54.82% 60.61% 11% % PGM Plant Recovery % 11% 60.61% 54.82%
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
19,206 19,968 4% Oz Total 4E PGMs Oz 4% 19,968 19,206
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
25,429 26,575 5% Oz Total 6E PGMs Oz 5% 26,575 25,429
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
1,872 2,038 9% $/oz Gross basket price R/oz 23% 33,921 27,499
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Financials
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
23,748 29,647 25% $'000 Revenue (4E) R'000 30% 455,215 348,860
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
1,529 1,631 7% $'000 Revenue (by products) R'000 11% 25,039 22,464
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
2,602 12,348 375% $'000 Sales adjustments R'000 396% 189,594 38,225
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
27,879 43,626 56% $'000 Net revenue R'000 64% 669,848 409,549
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
9,904 11,383 15% $'000 Operating costs R'000 20% 174,784 145,489
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
General and administrative
578 559 -3% $'000 costs R'000 1% 8,590 8,491
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
17,427 31,972 83% $'000 Group EBITDA R'000 92% 490,910 256,006
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
346 447 29% $'000 Net Interest R'000 35% 6,858 5,088
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
11,381 25,369 123% $'000 Net profit R'000 133% 389,523 167,192
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
1,538 1,333 -13% $'000 Capital Expenditure R'000 -9% 20,469 22,592
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
33,818 45,335 34% $'000 Cash Balance R'000 65 818,514 496,781
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
R/$ Ave R/$ rate R/$ 4% 15.35 14.69
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
R/$ Spot R/$ rate R/$ 29% 18.06 14.04
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Unit Cost/Efficiencies
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
SDO Cash Cost Per
510 565 11% $/oz 4E PGM oz R/oz 16% 8,673 7,485
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
SDO Cash Cost Per
385 424 10% $/oz 6E PGM oz R/oz 15% 6,517 5,653
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Group Cash Cost Per
532 591 11% $/oz 4E PGM oz R/oz 16% 9,068 7,808
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Group Cash Cost Per
401 444 11% $/oz 6E PGM oz R/oz 16% 6,814 5,897
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
All-in sustaining
551 599 9% $/oz cost (4E) R/oz 14% 9,202 8,095
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
616 643 4% $/oz All-in cost (4E) R/oz 9% 9,871 9,044
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
The Sylvania cash generating subsidiaries are incorporated in
South Africa with the functional currency of these operations being
ZAR. Revenues from the sale of PGMs are incurred in USD and then
converted into ZAR. The Group's reporting currency is USD as the
parent company is incorporated in Bermuda. Corporate and general
and administration costs are incurred in USD, GBP and ZAR.
A. OPERATIONAL OVERVIEW
Health, safety and environment
During the quarter there were no significant occupational health
or environmental incidents reported. In terms of safety, the SDO
unfortunately experienced one lost time injury ("LTI") in February
2020 when an operator suffered skin burns to his hands from hot
slurry at Lannex. This was the first LTI at the plant in five years
and the second LTI of the financial year.
Safety records at other operations remain on track while
Tweefontein and Doornbosch have now been LTI-free for more than
seven years, and Millsell LTI-free for five years.
The Group continues to focus on health, safety and environmental
compliance relating to normal operations , and through the
collaborative efforts of management and all employees across the
operations, we strive to maintain high safety standards and plant
conditions. Due to the outbreak of COVID-19 in South Africa, there
were additional challenges during the quarter.
Impact of COVID-19 and South African Government Imposed
Lockdown
Following the first reported case of COVID-19 in South Africa in
early March 2020, management has implemented various initiatives in
order to safeguard employees.
As COVID-19 infections continued to rise, on 23 March 2020, the
South African President Mr Cyril Ramaphosa, announced that the
country would be placed on a 21-day nation-wide lockdown from
midnight on 26 March 2020, which placed all non-essential mining
operations on care and maintenance.
On 9 April 2020, President Ramaphosa announced a two-week
extension to the lockdown until 30 April 2020. In an attempt to
enable a phased recovery of the economy, the government considered
the limited and strictly controlled resumption of operations for
certain sectors of the economy. On 16 April 2020, the government
issued amended COVID-19 regulations under the Disaster Management
Act of 2000, enabling all mines to resume operations at 50%
capacity during the remainder of the lockdown period and under
strict conditions stipulated by the Minister of Mineral Resources
and Energy. Further proposed amendments currently being finalised
will potentially allow for 100% operation on "open-cast" operations
as of 1 May 2020, but based on specific conditions imposed during
this period and various uncertainties around the pandemic, it is
very likely that there might be unforeseen interruptions at the
operations during the coming months and 100% operational
performance might therefore be an unrealistic expectation for some
time.
Based on the amended COVID-19 Regulations, the SDO is currently
engaged with the respective host mines and trade unions and is
making necessary arrangements to comply with the stipulated
measures. The Group will begin with scaled-down operations by 1 May
2020 and will use its best endeavours to maximise production under
the specific circumstances.
Sylvania supports the lockdown measures implemented by the
government and our priority is to protect the health and safety of
our employees during the lockdown and when operations recommence.
The resumption of operations will depend on adequate measures being
put in place to ensure compliance with relevant regulations and the
application of all the necessary training, health, hygiene, safety
and personal protective measures that are required to keep the
Group's employees safe.
Operational performance
The SDO delivered 19,968 ounces for the quarter, despite
operations being placed on temporary care and maintenance for the
last seven days of the month due to the lockdown.
PGM plant feed tons for the quarter reduced 9%, while PGM plant
feed grade increased 2% quarter-on-quarter and PGM recovery
efficiencies increased 11% from Q2. Lower PGM feed tons were
primarily due to the operational downtime associated with the
ramping-down and shutdown of operations as a result of the
lockdown. The reported PGM recovery efficiency increase from Q2 was
due to a combination of feed characteristics of material treated
during the quarter and a decrease in work-in-progress ounces at the
end of March 2020.
The total SDO cash costs increased in Rand and Dollar terms
quarter-on-quarter by 16% and 11% respectively to ZAR8,673/ounce
and $565/ounce (Q2: ZAR7,485/ounce and $510/ounce
respectively).
Capital expenditure at ZAR20.5 million during the quarter was in
line with the capital budget and was focussed on improving
efficiencies at the plants and the stay-in-business capital spend
programme.
Operational focus areas
Following the State of Disaster that was declared in South
Africa and the implementation of a national lockdown, all SDO
operations were placed on temporary care and maintenance from
midnight 26 March 2020. Additionally, both smelters treating our
PGM concentrate issued force majeure notices, meaning they are
unable to receive any PGMs during the lockdown. Any PGM concentrate
that the SDO produces during the lockdown period will be stockpiled
on site until the smelters resume operations, resulting in delayed
revenue and cash flow.
Earlier news reports and announcements regarding potential
retrenchments at Sylvania's host mine and production cuts relating
to some of the Eastern and Western operations have now been
confirmed. As a result of the current depressed chrome market
environment, there will be a reduction in underground mining at the
host mine, resulting in a reduction of current arisings and RoM
volumes at the Lannex and Mooinooi operations. The SDO operations
are able to substitute current arisings and RoM sources with
historic dump material in order to mitigate this impact, albeit at
slightly lower PGM feed grades and recoveries. This will commence
in Q4 and is currently estimated to last for approximately 24
months. The host mine is evaluating some open cast mining
operations as alternative feed to substitute some of the lost
underground production. The Group continues to engage with the host
mine in order to ensure that feed blends may be adjusted when
circumstances change.
Some operations were again negatively impacted during the
quarter by power constraints in the form of load-shedding and power
cuts due to maintenance and power interruptions. The Group welcomes
the new management at the power utility, and its turnaround
strategy. Nevertheless, power supply will remain constrained in the
near term and the Group continues to evaluate alternative solutions
to help mitigate this impact.
Operational opportunities
Following the successful commissioning of optimisation projects
incorporating proprietary processing modifications at Millsell,
Doornbosch and Tweefontein over the past year, an opportunity has
been identified to roll this circuit modification out to Mooinooi
and Lannex plants. The Mooinooi project was initiated during the
quarter and is expected to be commissioned towards the end of the
2020 calendar year.
The commissioning of the new Lannex mill, as part of the Lannex
plant life-extension project that was initiated in 2019, was
scheduled for April / May 2020, but delivery of the mill from China
was delayed as a result of the COVID-19 pandemic. The project
commissioning is now expected to be delayed until Q1 FY2021. This
project will enable the plant to improve processing efficiencies
and profitability based on the current feed sources and further
enable the plant to accommodate alternative coarser feed sources,
such as RoM fines from underground or open cast operations, which
will help to extend the life of this operation.
On 16 April 2020, new amended COVID-19 lockdown regulations were
published by the South African government, which state that all
mining companies can resume operations during the lockdown period,
albeit at a reduced capacity of 50% and subject to specific health
and safety requirements to mitigate employees' exposure to
COVID-19. Consequently, the SDO is currently engaged with the
Group's respective host mines and trade unions and is making the
necessary arrangements to comply with the stipulated measures.
Scaled-down operations will begin by 1 May 2020. The nature of the
SDO allows for a quicker start-up of operations than traditional
mines and should produce both chrome for the host mines and PGMs
within a week of resuming operations.
B. FINANCIAL OVERVIEW
Financial performance
Net revenue for the quarter increased 56% from $27.9 million to
$43.6 million as a result of the 9% increase in the basket price
from $1,872/ounce to $2,038/ounce as well as the 4% increase in 4E
PGMs delivered in Q3 (Q2: 19,206 ounces; Q3: 19,968 ounces). The
movement in the monthly basket price and ZAR/USD exchange rate in
Q3 resulted in a significant sales adjustment of ZAR189 million
($12.3 million) for PGM concentrate delivered in Q2, but only
calculated and invoiced in Q3.
Total operating costs, which are incurred in ZAR, increased 20%
to ZAR174.8 million ($11.4 million), compared to the ZAR145.5
million ($9.9 million) in Q2. The increase is mainly due to cost of
the work in progress from Q2 being expensed in Q3 and an increase
in salaries and wages as per the Group business plan.
General and administrative costs declined by 3%
quarter-on-quarter from $0.58 million to $0.56 million. These costs
are incurred in USD, GBP and ZAR and are impacted by exchange rate
fluctuations over the reporting period.
Group cash costs increased 16% in ZAR and 11% in USD from
ZAR7,808/ounce ($532/ounce) to ZAR9,068/ounce ($591/ounce) as a
result of the increase in operational costs.
The all-in sustaining cost ("AISC") and all-in cost ("AIC")
increased during the quarter to ZAR9,202/ounce (Q2: ZAR8,095/ounce)
and ZAR9,871/ounce (Q2: ZAR9,044/ounce) respectively.
Group EBITDA grew by 83% from $17.4 million to $31.9 million
during the quarter and net profit increased 122% to $25.3 million
from $11.4 million as a result of the higher revenue in Q3.
The Group cash balance at 31 March 2020 was $45.3 million
(including guarantees), an $11.5 million increase on the previous
quarter's cash balance of $33.8 million. Cash generated from
operations before working capital movements was $31.4 million with
net changes in working capital amounting to an increase of $9.7
million due mainly to the increase in trade and contract debtors.
$1.3 million was spent on capital and 5.2 million shares were
bought back at a cost of $3.0 million during the quarter. The
impact of exchange rate fluctuations on cash held at the quarter
end was a decline of $6.1 million due to the weakening of the ZAR
against the USD. The Group holds a large majority of its cash in SA
Rand. The weakening of the ZAR to the USD at the end of March 2020
and into the 4(th) quarter will have a significant impact on the
USD reported cash balance going forward.
Subsequent to the quarter end, the Company acquired 5,215,000
shares from the former CEO, TM McConnachie, at a 30-day VWAP price
of 49.40 pence per share and cancelled 2,879,115 shares, details of
both were announced on 2 April 2020.
D. MINERAL ASSET DEVELOPMENT AND OPENCAST MINING PROJECTS
The Company has continued to maintain the value of its mineral
asset development activities during the quarter, so as to be able
to continue to defend title. There are no further developments to
report for the quarter
CORPORATE INFORMATION
Registered and postal Sylvania Platinum Limited
address:
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal PO Box 976
address:
Florida Hills, 1716
South Africa
Sylvania Website : www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please
contact:
Jaco Prinsloo CEO
Lewanne Carminati CFO +27 11 673 1171
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Ed Phillips
Communications
Alma PR Limited +44 (0) 20 3405 0208
Justine James / Josh Royston /
Helena Bogle
This announcement is released by Sylvania Platinum Limited and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Jaco Prinsloo .
ANNEXURE
GLOSSARY OF TERMS FY2020
The following definitions apply throughout the period:
4E PGM ounces include the precious metal elements Platinum,
4E PGMs Palladium, Rhodium and Gold
6E ounces include the 4E elements plus additional Iridium
6E PGMs and Ruthenium
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AGM Annual General Meeting
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AIM Alternative Investment Market of the London Stock Exchange
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All-in sustaining Production costs plus all costs relating to sustaining current
cost production and sustaining capital expenditure.
---------------------------------------------------------------------
All-in sustaining cost plus non-sustaining and expansion capital
All-in cost expenditure
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ASX Australian Securities Exchange
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Fresh chrome tails from current operating host mines processing
Current risings operations
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DMR Department of Mineral Resources
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EBITDA Earnings before interest, tax, depreciation and amortisation
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EA Environmental Authorisation
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EIA Environmental Impact Assessment
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EIR Effective interest rate
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EMPR Environmental Management Programme Report
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GBP Great British Pound
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IASB International Accounting Standards Board
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IFRIC International Financial Reporting Interpretation Committee
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IFRS International Financial Reporting Standards
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I&APs Interested and Affected Parties
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Phoenix Platinum Mining Proprietary Limited, renamed Sylvania
Lesedi Lesedi
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LSE London Stock Exchange
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LTI Lost time injury
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MF2 Milling and flotation technology
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MPRDA Mineral and Petroleum Resources Development Act
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MRA Mining Right Application
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MTO Mining Titles Office
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NOMR New Order Mining Right
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NWA National Water Act 36 of 1998
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Option Plan Sylvania Platinum Limited Share Option Plan
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Platinum group metals comprising mainly platinum, palladium,
PGM rhodium and gold
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PAR Pan African Resources Plc
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Phoenix Platinum Mining Proprietary Limited, renamed Sylvania
Phoenix Lesedi
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Pipeline ounces 6E ounces delivered but not invoiced
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Revenue recognised for ounces delivered, but not yet invoiced
Pipeline revenue based on contractual timelines
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Pipeline sales Adjustments to pipeline revenues based on the basket price
adjustment for the period between delivery and invoicing
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Programme Sylvania Platinum Share Buyback Programme
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Project Echo Secondary PGM Milling and Flotation (MF2) program announced
in FY2017 to design and install additional new additional
fine grinding mills and flotation circuits at Millsell, Doornbosch,
Tweefontein and Mooinooi.
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Revenue (by
products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
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RoM Run of mine
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SDO Sylvania dump operations
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Shares Common shares
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Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
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USD United States Dollar
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WIP Work in progress
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WULA Water Use Licence Application
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UK United Kingdom of Great Britain and Northern Ireland
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ZAR South African Rand
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
QRTGLGDSBDDDGGI
(END) Dow Jones Newswires
April 28, 2020 02:23 ET (06:23 GMT)
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