TIDMSLP
RNS Number : 1356U
Sylvania Platinum Limited
27 July 2020
_____________________________________________________________________________________________________________________________
27 July 2020
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
AIM (SLP)
Fourth Quarter Report to 30 June 2020
The Directors are pleased to present the results for the quarter
ended 30 June 2020 ("Q4" 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") successfully running at full
capacity since June 2020 after national lockdown regulations
implemented to prevent the spread of COVID-19 placed the SDO on
care and maintenance from 27 March 2020 to 30 April 2020 ("hard
lockdown");
-- SDO declared 9,055 4E PGM ounces in Q4 as a result of the
impact of hard lockdown and the gradual ramp up to full production
in accordance with amended regulations (Q3: 19,968 4E PGM ounces)
resulting in a total of 69,026 4E PGM ounces for the financial
year;
-- Tweefontein and Doornbosch operations respectively achieved
eight years Lost-Time Injury ("LTI") free milestones during Q4;
-- The SDO recognised $13.2 million net revenue for the quarter;
-- Cash costs per 4E PGM ounce increased in Rand and Dollar
terms to ZAR17,008/ounce and $948/ounce quarter-on-quarter (Q3:
ZAR8,673/ounce and $565/ounce) due to reduced production and high
proportion of fixed costs;
-- A positive EBITDA of $4.2 million despite the drop in ounces
and its consequent effect on operational costs in Q4;
-- Net profit of $2.2 million (Q3: $25.3 million) due to the lower production in the quarter ;
-- Bought back a total of 5.6 million ordinary $0.01 shares at a
total cost of $3.4 million during the quarter; and
-- Cash balance of $55.9 million after share buybacks during Q4.
Challenges
-- Post hard lockdown of six weeks up to the end of April,
operations recommenced at 50% capacity in May and then successfully
ramped up to full capacity during June 2020. The result of COVID-19
and its impact on production is evident in the declaration of lower
than historic production achieved in the fourth quarter; and
-- Reduced mining operations at certain host mines due to both
the COVID-19 shutdown and the depressed chrome market has resulted
in lower volumes of run of mine ("RoM") and current arisings
material resulting in lower PGM feed grades and recoveries.
Opportunities
-- Optimisation project initiated at Lesedi plant on the Western
operations to construct a new secondary milling and flotation
module to improve the upgrading and recovery of PGMs;
-- New Lannex mill and spiral upgrade project to improve
processing efficiencies and profitability based on current feed
sources, expected to commission during Q1 of FY2021;
-- Potential open cast mining material from host mines are being
evaluated as alternative feed sources at operations affected by
host mines' cut-back in production;
-- Strong cash reserves allow for the maintenance of the plants
and the safeguarding of our employees during these times of
uncertainty; and
-- The Group remains debt free and continues to generate
sufficient cash reserves to fund capital expansion and process
optimisation projects.
Commenting on the Q4 results, Sylvania's CEO, Jaco Prinsloo
said:
"There is no denying that the unprecedented nature and
circumstances under which the operations performed during the past
quarter is one to go down not only in the history of the Company,
but in industries worldwide. The SDO produced 9,055 4E PGM ounces
for the quarter despite an almost six-week interruption related to
the national lockdown to prevent the spread of COVID-19 in South
Africa, and associated restrictions and limitations placed upon the
subsequent start-up in May, with progressive ramp-up to full
production in June 2020. As a result, the Company is pleased to
report that it has produced 69,026 4E PGM ounces for the financial
year.
The SA Government imposed lockdown and the consequential placing
of plants on care and maintenance until the hard lockdown ended,
inevitably had a significant impact on both production and costs.
However, the Company is in the robust position of having sufficient
cash reserves to mitigate against the rise in costs and the
possible reduction in future cash inflows due to the on-going
situation.
Sylvania's respective management teams must be commended for
their tireless efforts to balance production during these extremely
challenging times, whilst ensuring that the health and safety of
all our employees and their families remained our first priority,
ensuring that support structures continue to be implemented to
assist those in need during the current pandemic and beyond. With
our management and employees working together, maintaining our
production standards and embracing this 'new normal' I am confident
that we will continue to safeguard both the health and safety of
our employees, as well as the operational and financial health of
the Group during this very challenging time."
USD Unit Unaudited Unit ZAR
Q3 FY2020 Q4 FY2020 % Change % Change Q4 FY2020 Q3 FY2020
----------------- --------- --------- ---------- ----------
Production
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
597,025 395,658 -34% T Plant Feed T -34% 395,658 597,025
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
2.10 1.62 -23% g/t Feed Head Grade g/t -23% 1.62 2.10
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
280,880 195,770 -30% T PGM Plant Feed Tons T -30% 195,770 280,880
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
3.60 2.91 -19% g/t PGM Plant Feed Grade g/t -19% 2.91 3.60
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
60.61% 49.40% -18% % PGM Plant Recovery % -18% 49.40% 60.61%
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
19,968 9,055 -55% Oz Total 4E PGMs Oz -55% 9,055 19,968
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
26,575 12,512 -53% Oz Total 6E PGMs Oz -53% 12,512 26,575
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
2,038 2,107 3% $/oz Gross basket price(1) R/oz 6% 36,076 33,921
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
Financials
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
29,647 10,407 -65% $'000 Revenue (4E) R'000 -59% 186,801 455,215
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
1,631 2,337 43% $'000 Revenue (by products) R'000 68% 41,946 25,039
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
12,348 484 -96% $'000 Sales adjustments R'000 -95% 8,696 189,594
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
43,626 13,228 -70% $'000 Net revenue R'000 -65% 237,443 669,848
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
11,383 8,617 -24% $'000 Operating costs R'000 -12% 154,675 174,784
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
General and
administrative
559 434 -22% $'000 costs R'000 -9% 7,790 8,590
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
31,972 4,220 -87% $'000 Group EBITDA R'000 -85% 75,753 490,910
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
447 685 53% $'000 Net Interest R'000 79% 12,296 6,858
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
25,369 2,156 -92% $'000 Net profit R'000 -90% 38,703 389,523
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
1,333 934 -30% $'000 Capital Expenditure R'000 -18% 16,769 20,469
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
45,335 55,877 23% $'000 Cash Balance R'000 17% 961,434 818,514
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
R/$ Ave R/$ rate R/$ 17% 17.95 15.35
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
R/$ Spot R/$ rate R/$ -5% 17.21 18.06
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
Unit Cost/Efficiencies
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
SDO Cash Cost Per
565 948 68% $/oz 4E PGM oz R/oz 96% 17,008 8,673
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
SDO Cash Cost Per
424 686 62% $/oz 6E PGM oz R/oz 89% 12,308 6,517
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
Group Cash Cost Per
591 983 66% $/oz 4E PGM oz R/oz 94% 17,636 9,068
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
Group Cash Cost Per
444 711 60% $/oz 6E PGM oz R/oz 87% 12,764 6,814
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
All-in sustaining
599 1,004 68% $/oz cost (4E) R/oz 96% 18,024 9,202
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
643 1,081 68% $/oz All-in cost (4E) R/oz 97% 19,402 9,871
----------------- --------- ------ ------------------------- ------ --------- ---------- ----------
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.
(1) The gross basket price (4E) in the table is the June 2020
gross basket used for revenue recognition of ounces delivered in
Q4. The average gross basket price (4E) for ounces invoiced and the
resultant cash inflows in Q4 is $1,883 (Q3: $2,229), before
penalties/smelting costs and applying the contractual
playability.
A. OPERATIONAL OVERVIEW
Health, safety and environment
Both the Tweefontein and Doornbosch operations have achieved the
significant industry milestone of eight years Lost-time Injury
("LTI") free during June 2020, while Millsell is approaching six
years LTI-free in September 2020.
While there were no significant occupational health or
environmental incidents reported during the quarter, Mooinooi
unfortunately suffered one LTI during June 2020 related to a slip
and fall incident where an employee dislocated his shoulder.
Focusing on and ensuring that employees' health and safety
remains a priority, especially during the challenging times that we
are experiencing with COVID-19 at the moment, and to ensure full
compliance with health, safety and environmental legislation and
procedures, requires a relentless effort and management teams
across the Group's operations remain committed to this goal.
Impact of COVID-19 and South African Government Imposed
Lockdown
More than four months have elapsed since the first COVID-19 case
was confirmed in South Africa but the pandemic is only expected to
peak in the country during August/September 2020, particularly in
those provinces in which the Group operates. President Ramaphosa,
in his address to the nation on 23 July 2020, confirmed that South
Africa has now risen to the fifth highest positive COVID-19 cases
in the world, but thankfully has one of the lowest mortality rates.
Although the country has managed to successfully delay the spread
of the virus by working together, he reiterated that the virus will
be with us for many months to come and the next few weeks will put
the country's "resources and resolve to the test as never
before."
Although the operations were not able to operate during the hard
lockdown period, the Group has been in the fortunate position to
continue to pay all employee salaries, which eased any potential
financial burden on employees as a result of the pandemic. Having
commenced with scaled-down operations in May 2020, management has
implemented various initiatives in order to safeguard employees.
Sylvania supports the lockdown measures implemented by the
Government and our priority is to protect the health and safety of
our employees both during the lockdown and especially now that
operations have recommenced.
The Company has had eleven confirmed COVID-19 cases recorded
amongst its employees to date. However, thankfully three of the
employees have already fully recovered and returned to work and the
other employees are currently recovering in isolation after
experiencing mild symptoms of the virus. We are also aware of some
employees who have either had to deal with infected family members
or who have had to deal with the loss of close family members that
unfortunately succumbed to the virus. Our support and prayers go
out to all those affected during this challenging period.
As always, the safety and wellbeing of all our employees and
their families remain a key priority for the Company and we are
adhering to the Government's special regulations and Guidelines
that have been provided by the Department of Mineral Resources and
Energy ("DMRE") with reference to COVID-19. Management will
continue to ensure that the necessary controls are in place to
minimise exposure to the virus in the workplace and also that these
controls are stringently enforced as required by our respective
policies and procedures.
Operational performance
The SDO produced 9,055 ounces for the quarter, compared to
19,968 ounces in Q3, largely as a result of the COVID-19 national
lockdown regulations placing operations on temporary care and
maintenance for six weeks up to the end of April 2020. Ramp-up
operations commenced on a limited basis during May 2020 with
operations only returning to full-scale during June 2020.
PGM plant feed tons for the quarter reduced by 30%, while PGM
plant feed grade reduced by 19% quarter-on-quarter and PGM recovery
efficiencies decreased by 18% from Q3.
Lower PGM feed tons were primarily due to the operational
downtime associated with the shutdown of operations as a result of
the hard lockdown and interruptions during start-up and ramp-up
post the hard lockdown period. The suspension of underground mining
by the host mine at the Mooinooi and Lannex operations due to the
suppressed chrome market, as well as the impact of national
lockdown on other host mine operations, resulted in a reduction of
current arisings and RoM volumes at various operations that
necessitated the increase in treatment rates of lower grade surface
material.
Both the reported PGM feed grade and recovery efficiency
decreases are associated with the increased amount of lower grade
material treated and the lower ore recovery potential of the
various surface sources being processed. Various technical
initiatives are in progress to improve process efficiencies at some
Western operations and to improve the blend of feed material to
increase PGM feed grades and recoveries, while the Eastern
operations are already back at historic performance levels.
The total SDO cash costs increased in Rand and Dollar terms
quarter-on-quarter by 96% and 68% respectively to ZAR17,008/ounce
and $948/ounce (Q3: ZAR8,673/ounce and $565/ounce respectively)
mainly as a result of the lower production and lower absorption of
fixed costs. While being in the fortunate position to continue
paying all employee salaries during the lockdown period, even when
unable to operate, this unfortunately did contribute to the higher
operating unit costs.
The SDO incurred capital expenditure of ZAR16.8 million during
the quarter, an 18% decrease which is largely aligned with Project
Echo and other major capital project execution schedules, but also
impacted by the reduced stay-in-business capital spend associated
with the national lockdown period.
Operational focus areas
The global COVID-19 pandemic continues to be an area of concern
and management implemented various special measures to ensure both
the health and safety of all employees and to limit the impact on
production. A National State of Disaster was declared in South
Africa on 15 March 2020, followed by the implementation of a
national lockdown from 27 March 2020 that required all SDO
operations to be placed on temporary care and maintenance from
midnight 26 March 2020 until the end of April 2020. As the
government regulations and restrictions on economic activity eased
during various phases of the lockdown, the Group started resuming
operations on 1 May 2020. Although initial mining production was
limited to 50% of capacity, surface operations were allowed to
scale up to full capacity during May and June 2020 and most
operations are now currently running at design capacity.
As a result of force majeure notices issued by both smelters
that the SDO deliver PGM concentrate to during the national
lockdown, which were only fully lifted during May and June 2020
respectively, respective operations had to construct temporary
stockpile facilities and manage flotation mass pull in line with
capacities in order to continue with production, while smelters
were not able to receive concentrate. Although this impacted on
concentrate deliveries and PGM recovery efficiencies at some
operations, associated with lower mass pull strategy, all
stockpiled PGM concentrate produced during the force majeure period
was dispatched to the relevant smelters by year-end.
Retrenchments at the host mines at Sylvania's Mooinooi and
Lannex operations and associated production cuts have been
concluded during the quarter. During the next twelve to eighteen
months the affected operations will continue to substitute current
arisings and underground RoM sources with a combination of historic
dump material and ad-hoc open-cast RoM material from the host mines
as alternative feed sources. However, the lower grade and more
oxidised dump and open cast material has resulted in lower PGM feed
grades and recoveries as expected. Technical work is ongoing to
assess potential improvements in surface ore blends and reagent
regimes in an attempt to optimise feed grades and metal recoveries.
The anticipated net impact of the above-mentioned host mine
reductions on SDO PGM ounce production will be approximately ten to
fifteen percent during this period.
No significant power interruptions occurred during the review
period; however, it is evident that power supply will remain
constrained in the near term and remains a key focus area for the
Group in order to ensure we can mitigate any future impact.
Operational opportunities
The Mooinooi chrome proprietary processing modifications and
optimisation project is on track and is expected to be commissioned
early in the 2021 calendar year which will improve PGM feed grades
and ounces.
The new Lannex mill and spiral upgrade, after being delayed
slightly as a result of the COVID-19 pandemic, is currently being
commissioned and expected to be in full operation by mid-August
2020. The 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.
Following the delay in Tweefontein MF2 module due to power
constraints, as already announced, an optimisation project was
initiated at Lesedi plant on the Western operations to construct a
new secondary milling and flotation module, similar to existing
Project Echo modules rolled out between 2016 and 2020, to improve
the upgrading and recovery of PGMs. This proposed MF2 expansion at
Lesedi Plant is scheduled to commission towards the end of
FY2021.
B. FINANCIAL OVERVIEW
Financial performance
Net revenue for the quarter decreased 70% from $43.6 million to
$13.2 million due to a combination of the 55% decrease in 4E PGMs
delivered and a significantly lower sales adjustment for the
quarter as PGM prices did not fluctuate significantly from Q3. The
gross basket price increased 3% from $2,038/ounce to $2,107/ounce.
The movement in the gross basket price of ounces delivered in Q3
and invoiced in Q4 as well as a 17% increase on the ZAR/USD
exchange rate during the quarter resulted in a positive sales
adjustment of ZAR8.7 million ($0.5 million) for PGM concentrate
delivered in the previous quarter.
General and administrative costs declined by 23%
quarter-on-quarter from $0.56 million to $0.43 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 94% in ZAR and 66% in USD from
ZAR9,068/ounce ($591/ounce) to ZAR17,636/ounce ($983/ounce) as a
result of the reduced production in the quarter and its effect on
the absorption of fixed costs, including care and maintenance and
salaries during the lockdown period and additional costs associated
with safeguarding employees and the operations in line with
government's COVID-19 regulations.
Despite the lack of production in April 2020 the Group still
achieved a positive EBITDA and net profit. Group EBITDA decreased
from $31.9 million to $4.2 million during the quarter and net
profit decreased to $2.2 million from $25.3 million due to the
lower production in the quarter.
0000Although the ounces were lower in Q4, the Group cash balance
increased by $10.6 million at 30 June 2020 to $55.9 million
(including guarantees), compared to the previous quarter's cash
balance of $45.3 million as a result of the cash inflows from Q3
ounces delivered. However, the impact of reduced production in Q4
is expected to flow through into reduced cash generation in Q1
FY2021. Cash generated during the quarter from operations before
working capital movements was $5.2 million with net changes in
working capital amounting to an increase of $14.0 million due
mainly to the decrease in trade and contract debtors. $1.0 million
was spent on capital, 5.6 million shares were bought back at a cost
of $3.4 million during the quarter and $7.2 million was paid in
provisional income tax. The impact of exchange rate fluctuations on
cash held at the quarter end was an increase of $2.4 million due to
the strengthening of the ZAR against the USD. The Group holds a
large majority of its cash in SA Rand and will convert this to USD
at opportune times.
D. MINERAL ASSET DEVELOPMENT AND OPENCAST MINING PROJECTS
The Group assesses the value of its mineral asset development
projects on a regular and consistent basis and has initiated new
studies of the Volspruit and Northern Limb projects respectively in
order to assist in developing the most suitable strategy for these
projects in the changing economic landscape.
Due to the COVID-19 pandemic and associated global impact there
have been no significant developments in other areas 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 / sylvania@almapr.co.uk
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
All-in cost capital expenditure
---------------------------------------------------------------------
ASX Australian Securities Exchange
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Fresh chrome tails from current operating host mines processing
Current risings operations
---------------------------------------------------------------------
DMRE Department of Mineral Resources and Energy
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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
---------------------------------------------------------------------
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
---------------------------------------------------------------------
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
---------------------------------------------------------------------
Phoenix Platinum Mining Proprietary Limited, renamed Sylvania
Phoenix Lesedi
---------------------------------------------------------------------
Pipeline ounces 6E ounces delivered but not invoiced
---------------------------------------------------------------------
Revenue recognised for ounces delivered, but not yet invoiced
Pipeline revenue based on contractual timelines
---------------------------------------------------------------------
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
---------------------------------------------------------------------
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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END
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