Eastern Platinum: Producer reports widening losses

Canadian-listed platinum producer Eastern Platinum, which has operations in the North West and Limpopo provinces, yesterday 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 (R41.3m) in 2014 to $ 2.2m this year. Losses from exchange rate differentials widened significantly from $4.4m to $16.2m. Exchange rate differences on non-controlling interest translated into a small profit, which rose from $39 000 to $1.7m. The company said both these items might subsequently be reclassified to profit or loss. Shares gained 1.51 percent to close at R16.80 yesterday. – ANA