Johannesburg - Canadian-listed platinum miner Eastern Platinum, which has operations in South Africa’s North West and Limpopo provinces, on Wednesday reported widening losses for the year to March as its mines remained in care and maintenance, as they have been since August 2013.
The net loss for the period declined from $3.4 million (R37.4 million) in 2014 to $2.2 million (R24.2 million) this year. Losses from exchange rate differentials, widened significantly from $4.4 million(R 48.2 million) to $16.2 million (R178.2 million).
Exchange rate differences on non-controlling interest translated into a small profit which rose from $39 000 (R429 000) to $1.7 million (R18.7 million).
The company said both these items may subsequently be reclassified to profit or loss. Comprehensive loss for the period widened from $7.8 million (R85.8 million) to $16.7 million (R183.7 million).
Basic and diluted loss per share was unchanged at 2 US cents (22 cents) per share. The company owns the Crocodile River Mine near Brits in the North West, the Mareesburg mine in Steelport, Limpopo and the Spitzkop Kennedy’s Vale, also in Limpopo.
ANA