File image: Reuters

Platinum exploration and development company Platfields(PLL) on Friday reported a net loss of R11.3 million for the year ended February, this is compared to the net loss of R73 million posted over the same period in 2011.

Exploration expenditure for the year was R521,977, which was primarily used for the care and maintenance of projects, compared to the R1.7 million spent in the previous year.

Platfields is still in the exploration and development phase, and is targeting resources of about five million ounces of platinum group metals at the Leeuwkop project in the eastern limb of the Bushveld complex in Limpopo province.

During the financial year, the company said it had made use of a cash preservation plan, aimed at the careful deployment of cash reserves to essential line items, as well as for the implementation of Platfields, pipeline strategy.

Platfields said it was concerned about the impact current volatile platinum prices would have on the company’s ability to raise capital in the current financial year.

“Future work on the development of the group's projects may be adversely affected by factors outside the control of the group,” said the company. - I-Net Bridge