31
January 2024
Sylvania Platinum
Limited
("Sylvania", the
"Company" or the "Group")
Second Quarter Report to 31
December 2023
Sylvania (AIM: SLP), the platinum
group metals ("PGM") producer and developer with assets in South
Africa, announces its results for the three months ended 31
December 2023 (the "Quarter"). Unless otherwise stated, the
consolidated financial information contained in this report is
presented in United States Dollars ("USD" or "$").
Highlights
- No Lost-Time Injuries ("LTIs") were
recorded during the Quarter;
- Sylvania Dump Operations
("SDO") produced 18,232 4E (23,105 6E) PGM ounces in Q2 FY2024 (Q1
FY2024: 20,173 4E (25,533 6E) PGM ounces), in line with guidance
for the Quarter;
- SDO recorded $20.9 million
net revenue for the Quarter (Q1 FY2024: $19.7 million);
- Group EBITDA of $4.4 million
(Q1 FY2024: $2.8 million);
- Final cash dividend for
FY2023 of 5 pence per Ordinary Share, amounting to $16.7 million,
was paid in December 2023;
- Lannex MF2 flotation circuit
commissioned with optimisation well advanced;
- Improved recoveries are
expected following commissioning of the Lannex fine grinding
circuit; and
- Progress of the Thaba Joint
Venture ("Thaba JV") project is on schedule and construction of the
earthworks and civil works package commenced during December
2023.
Outlook
- Commissioning of the Lannex fine
grinding circuit in progress with optimisation to follow in Q3
FY2024;
- ·
Continuous operational performance improvements
relating to the optimisation of feed sources, throughput,
recoveries, and cost saving initiatives implemented;
- ·
An updated Mineral Resource Estimate ("MRE")
statement for the combined Volspruit North and South ore bodies is
largely complete and final documents are expected to be signed off
during Q3 FY2024;
- ·
Preliminary Economic Assessment ("PEA") for the
Volspruit project is on-going with SRK Consulting having been
appointed to undertake the work. Upon the completion of the
combined (North and South ore bodies) PEA, it is expected that a
Preliminary Feasibility Study ("PFS") will commence;
and
- ·
The Group maintains strong cash reserves enabling
funding of expansion and joint venture ("JV") initiatives, process
optimisation capital and upgrading of the Group's exploration and
evaluation assets.
Commenting on the results,
Sylvania's CEO, Jaco Prinsloo, said:
"We have again achieved an excellent safety, health and
environmental performance for the Quarter. Our sustained focus on
employee well-being and sustainable practices, has ensured that all
operations achieved an all-injury free Quarter and the SDO remains
LTI-free for the Quarter and year to date.
"Production for the Quarter of 18,232 4E PGM ounces was in
line with the production target for the period. The 10% lower
production was primarily attributed to lower current arising feed
tonnages and feed grades from some of the host mines due to the
festive season closure. However, the second-quarter production was
supported by higher recovery efficiencies over the period. Despite
these challenges, we remain on course to meet the full-year
production guidance.
"Net revenue was up 6% due to a smaller sales adjustment during
Q2 FY2024, and consequently, Group EBITDA increased by an
impressive 57%. Despite the ongoing pressure on the PGM 4E basket
price, which experienced a further 3% reduction during the period,
these positive financial indicators reflect the resilience and
strategic adaptability of our operations.
Net profit was
13% lower than in Q1 FY2024 due to the impact of inter-company
dividend withholding taxes. Nonetheless, the Company maintained a
strong cash position.
"On the cost front, SDO cash costs per 4E ounce increased 13%
in dollar and rand terms, respectively, and were primarily affected
by the lower ounces produced compared with Q1
FY2024.
"During the period, the Company paid the FY2023 final dividend
of 5 pence per Ordinary Share, as well as provisional income and
mineral royalty taxes. At 31 December 2023, the Group remains in a
strong cash position allowing it to continue funding of its
existing capital projects and growth opportunities and to return
value to shareholders.
"I
am very pleased that the Thaba JV is progressing well with the
design, procurement and construction elements of the project all on
schedule. Additionally, on the exploration front, an updated MRE
statement for both Volspruit North and South orebodies is currently
under review. The PEA for the Volspruit project, along with the
results from the metallurgical test-work are expected during HY2
FY2024. The optimisation of value from the exploration assets
remains a key component of Sylvania Platinum's growth strategy and
will aid in supporting the Company's future value proposition for
all stakeholders.
"After a decade of service as Non-Executive Chairman, Stuart
Murray stepped down on 31 December 2023 to focus on his other
business interests and Eileen Carr succeeded Stuart as Chair of
Sylvania. With over 35 years of professional expertise in the
global resources sector, she brings a wealth of experience to her
new role. I would like to express my gratitude for Stuart's
valuable contributions during his tenure and I am looking forward
to Eileen's forward-thinking leadership and I am sure we will
sustain our growth and success under her stewardship. I would also
like to congratulate Simon Scott, Non-Executive Director, who has
taken over Eileen's role as Chair of the Audit
Committee.
"Sylvania's interim financial results will be released on
Thursday 22 February 2024 and I, and the Group CFO, Lewanne
Carminati, will be hosting investor webinars and shareholder
meetings over the course of the week of the release. Once again, we
look forward to engaging with our valued stakeholders during this
period."
Operational and Financial Summary
Production
|
|
|
|
|
Unit
|
Q1 FY2024
|
Q2 FY2024
|
% Change
|
Plant Feed
|
T
|
666,824
|
636,156
|
-5%
|
Feed Head Grade
|
g/t
|
1.93
|
1.84
|
-5%
|
PGM Plant Feed Tons
|
T
|
358,602
|
342,548
|
-4%
|
PGM Plant Feed Grade
|
g/t
|
2.94
|
2.84
|
-3%
|
PGM Plant
Recovery1
|
%
|
56.71%
|
58.33%
|
3%
|
Total 4E PGMs
|
Oz
|
20,173
|
18,232
|
-10%
|
Total 6E PGMs
|
Oz
|
25,533
|
23,105
|
-10%
|
Unaudited
|
|
USD
|
|
ZAR
|
|
|
Unit
|
Q1 FY2024
|
Q2 FY2024
|
% Change
|
Unit
|
Q1 FY2024
|
Q2 FY2024
|
% Change
|
|
Financials3
|
|
Average 4E Gross Basket
Price2
|
$/oz
|
1,344
|
1,305
|
-3%
|
R/oz
|
25,069
|
24,444
|
-2%
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (4E)
|
$'000
|
19,631
|
17,386
|
-11%
|
R'000
|
366,112
|
325,634
|
-11%
|
|
Revenue (by-products including base
metals)
|
$'000
|
3,303
|
3,331
|
1%
|
R'000
|
61,607
|
62,393
|
1%
|
|
Sales adjustments
|
$'000
|
(3,201)
|
155
|
105%
|
R'000
|
(59,700)
|
2,905
|
105%
|
|
Net revenue
|
$'000
|
19,733
|
20,872
|
6%
|
R'000
|
368,019
|
390,932
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
Direct Operating costs
|
$'000
|
12,886
|
13,144
|
2%
|
R'000
|
240,323
|
246,196
|
2%
|
|
Indirect Operating costs
|
$'000
|
3,226
|
2,567
|
-20%
|
R'000
|
60,159
|
48,082
|
-20%
|
|
General and Administrative
costs
|
$'000
|
699
|
667
|
-5%
|
R'000
|
13,036
|
12,493
|
-4%
|
|
Group EBITDA
|
$'000
|
2,818
|
4,437
|
57%
|
R'000
|
52,556
|
83,105
|
58%
|
|
Net Interest
|
$'000
|
1,642
|
1,596
|
-3%
|
R'000
|
30,623
|
29,893
|
-2%
|
|
Net Profit
|
$'000
|
1,802
|
1,559
|
-13%
|
R'000
|
33,607
|
29,200
|
-13%
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditure
|
$'000
|
3,218
|
3,924
|
22%
|
R'000
|
60,013
|
73,488
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
Cash Balance
|
$'000
|
126,865
|
107,232
|
-15%
|
R'000
|
2,402,823
|
1,963,418
|
-18%
|
|
|
|
|
|
|
|
|
|
|
|
Ave R/$ rate
|
|
|
|
|
R/$
|
18.65
|
18.73
|
0%
|
|
Spot R/$ rate
|
|
|
|
|
R/$
|
18.94
|
18.31
|
-3%
|
|
|
|
|
|
|
|
|
|
|
|
Unit
Cost/Efficiencies4
|
|
SDO Cash Cost per 4E PGM
oz4
|
$/oz
|
639
|
721
|
13%
|
R/oz
|
11,913
|
13,503
|
13%
|
|
SDO Cash Cost per 6E PGM
oz4
|
$/oz
|
505
|
569
|
13%
|
R/oz
|
9,412
|
10,656
|
13%
|
|
Group Cash Cost Per 4E PGM
oz4
|
$/oz
|
782
|
897
|
15%
|
R/oz
|
14,584
|
16,801
|
15%
|
|
Group Cash Cost Per 6E PGM
oz4
|
$/oz
|
618
|
708
|
15%
|
R/oz
|
11,526
|
13,261
|
15%
|
|
All-in Sustaining Cost
(4E)
|
$/oz
|
830
|
957
|
15%
|
R/oz
|
15,476
|
17,931
|
16%
|
|
All-in Cost (4E)
|
$/oz
|
959
|
1,096
|
14%
|
R/oz
|
17,894
|
20,533
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 recorded 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 PGM plant recovery is
calculated on the production ounces that include the
work-in-progress ounces when applicable.
2 The gross basket price in the table is the December 2023 gross
4E basket used for revenue recognition of ounces delivered in Q2
FY2024, before penalties/smelting costs and applying the
contractual payability.
3 Revenue (6E) for Q2 FY2024,
before adjustments is $20.6 million (6E pill split is Pt 53%, Pd
17%, Rh 9%, Au 0%, Ru 16%, Ir 5%). Revenue excludes profit/loss on
foreign exchange.
4 The cash costs include operating costs and exclude indirect
cost for example royalty tax and EDEP payments and
accruals.
A.
OPERATIONAL OVERVIEW
Safety, health and environment
In the first half of the year,
Sylvania has achieved an excellent safety, health and environmental
performance. With a focus on employee well-being and
sustainable practices, we are proud to report no LTIs for the
period.
Our proactive approach to safety
measures, including regular risk assessments, has contributed to a
workplace culture that prioritises the health and safety of
employees and contractors. Simultaneously, our environmental
initiatives have driven responsible resource management and
minimised our ecological footprint.
The successful "Silly Season"
campaign held throughout November and December 2023, and which ran
into January 2024, emphasised the importance of a hazard-free and
injury-free environment. Through various creative initiatives,
employees embraced a culture of mindfulness and remaining vigilant
about safety protocols. The result was a remarkable achievement of
zero injuries throughout the Quarter and the festive
season.
Sylvania held another successful
anti gender-based violence ("GBV") campaign, fostering a workplace
culture of respect and equality. Through various informative
sessions and open dialogue, employees gained a deeper understanding
of the impact of GBV and learned how to be ambassadors for change.
This underscores our commitment to cultivating a workplace that
champions inclusivity, ultimately contributing to a more harmonious
and supportive professional community.
We remain steadfast in our
commitment to maintaining a safe, healthy, and environmentally
conscious workplace. This positive momentum sets the stage for even
greater accomplishments in the months ahead.
Operational performance
The SDO delivered 18,232 4E PGM
ounces for the Quarter. While this equates to a decrease of 10% on
Q1 FY2024, it is in line with expectations for this period where
our host mines break for the festive period, which results in lower
current arisings feed material and grade reporting to some
operations. Also, the PGM ounces declared in Q1 FY2024 included 995
4E PGM ounces held in work-in-progress at 30 June 2023.
Optimisation of the Lannex MF2
flotation circuit that was commissioned during Q1 FY2024, continued
during Q2 FY2024 with performance meeting initial design
expectations. The complementary fine grinding circuit was completed
during Q2 FY2024, with commissioning commencing during December
2023. Recovery improvements have been achieved following the
commissioning of the MF2 with further improvements expected as
commissioning and optimisation of the fine grinding circuit is
completed during Q3 FY2024.
Both tons and feed grades decreased
for the combined SDO by 4% and 3%, respectively for the Quarter
owing to lower tonnages received from the host mine over the
festive season closure period. Recoveries increased by 3% due to
improved operational control and the resultant optimisation of the
Lannex MF2 and associated ore mix at the Eastern
Operations.
SDO operating cash costs per 4E PGM
ounce increased 13% in rand and dollar terms to ZAR13,503/ounce and
$721/ounce respectively (Q1 FY2024: ZAR11,913/ounce and $639/ounce)
primarily as a result of the lower ounces. The average ZAR:USD
exchange rate remained largely unchanged during the Quarter at
ZAR/$18.73 (Q1 FY2024: ZAR/$18.65).
The Group incurred capital
expenditure of ZAR73.5 million ($3.9 million), in line with planned
capital project schedules.
Operational opportunities
Focus on the optimisation of ore mix
and blending is expected to assist with the optimisation of
recoveries. This is expected to be enhanced by improved operating
recipes. Management is continuously identifying potential high
grade external sources that if financially beneficial, are acquired
and treated in the current SDO plants. PGM concentrate quality
remains a focus area as both concentrate grade and metal recoveries
contribute positively towards the revenue stream of the Group. A
central filtration plant is being evaluated to facilitate the
conversion to dry filtered concentrate, instead of the current
slurry. This would assist in reducing concentrate transport costs
and remediate handling challenges at off-take smelters.
No load curtailment has been
experienced at Lesedi during the Quarter, and the installation of
the back-up generator has been completed and is now available as a
back-up power source.
Following the completion of the
pilot-scale work on the Company's Pelletiser project, which
utilises proprietary 'binding technology', discussions are still
ongoing with potential industry partners to perform commercial
scale testing as the next step to assess the commercial viability
of the technology.
B.
FINANCIAL OVERVIEW
Financial
performance
Revenue (4E) for the Quarter
decreased by 11% to $17.4 million (Q1 FY2024: $19.6 million)
impacted by the 3% decrease in the basket price recorded during the
period as well as lower PGM ounce production. The average 4E gross
basket price for the Quarter was $1,305/ounce against $1,344/ounce
in Q1 FY2024, impacted mainly by the drop in palladium
prices.
Net revenue, which includes base
metals and by-products and the quarter-on-quarter sales adjustment,
was $20.9 million (Q1 FY2024: $19.7 million). Net revenue includes
attributable revenue received for ounces produced from material
purchased from third parties.
Group cash costs per 4E PGM
ounce increased by 15% in rand terms from
ZAR14,584/ounce to ZAR16,801/ounce and 15%
in dollar terms from $782/ounce to $897/ounce mainly
as a result of the 10% decrease in ounce
production quarter-on-quarter.
General and administrative costs
decreased to $0.67 million from $0.70 million in Q1 FY2024. These
costs are incurred in USD, GBP and ZAR and were minimally impacted
by the exchange rate as the USD/ZAR exchange quarter-on-quarter
remained aligned.
Group EBITDA for the Quarter was
$4.4 million (Q1 FY2024: $2.8 million) and net profit was $1.6
million (Q1 FY2024: $1.8 million). The decrease in net profit was
primarily a result of inter-company dividend withholding tax paid
during the period.
The Group cash balance decreased
from $126.9 million to $107.2 million during the Quarter. Cash
generated from operations before working capital movements was $4.7
million with net changes in working capital amounting to $0.2
million, which is mainly due to movements in trade debtors and
trade creditors. The 3% decrease in the basket price as well as the
10% decrease in production, resulted in the decrease in the trade
debtors balance quarter-on-quarter. Trade debtors arise from the
concentrate delivered in the Quarter but only paid for in the
following quarter as per the concentrate off-take
agreements.
Provisional payments for both
mineral royalty tax and income tax were made at the end of December
2023, amounting to $2.8 million and dividend withholding tax of
$1.6 million was paid on the inter-company dividends declared and
paid during the Quarter. A final cash dividend for FY2023 of 5
pence per Ordinary Share, amounting to $16.7 million, was paid in
December 2023 to shareholders on the register at the close of
business on 27 October 2023.
The Group spent $3.9 million
(ZAR73.5 million) on capital projects for the Quarter. The majority
of the capital spend was on tailings dams $0.8 million (ZAR14.2
million), generators to supplement electricity supply $0.6 million
(ZAR10.5 million), Landsky screens $0.4 million (ZAR7.9 million),
relocation of tailings deposition infrastructure $0.4 million
(ZAR7.8 million) and further studies on the exploration projects
$0.3 million (ZAR4.7 million).
The impact of exchange rate
fluctuations on cash held at year end was $1.1 million profit due
to the ZAR appreciating against the USD by 3%.
B. MINERAL ASSET DEVELOPMENT AND
JOINT VENTURES
The Group holds approved mining
rights for three PGM-base metal projects on the Northern Limb of
the Bushveld Igneous Complex in South Africa. Following on
from the Exploration Results and Resource Statement that was
released in FY2023, the Company continues to develop the projects
through additional technical studies and re-interpretation of
historical information. A PEA is ongoing for Volspruit and further
drilling is being planned for the Aurora project. This additional
information will assist the Company in ascertaining how best to
develop these projects.
Volspruit Project
The PEA update commenced in Q2
FY2024 with SRK Consulting being appointed to undertake the work.
The new assessment will include contributions from rhodium and
ruthenium, as well as assess the additional resources from the
Volspruit South ore body. The updated MRE statements for both the
North and South ore bodies are largely complete with final edits
being made to the MRE statements. The final documents are expected
to be signed off during Q3 FY2024.
Upon the completion of a positive
PEA, it is expected that a PFS will commence. Metallurgical test
work for the PFS is currently underway at Mintek South Africa on
samples obtained during a FY2023 drilling campaign.
Steady progress is being made in the
permitting process necessary for the existing mining right. Local
Economic Development projects are gaining traction with discussions
already underway with the relevant local municipalities. The Water
Use License application for mining and on-site processing
operations and the updated Environmental Impact Assessment
submissions are expected to be made in the first quarter of FY2025,
which although later than anticipated, does allow for a more
comprehensive public engagement process to be completed.
Far
Northern Limb Projects
Relogging continues across the
Aurora project area with more than 85% of the historical core
having been relogged. Compilation of the data is on-going and once
a geological model has been compiled a decision will be taken on
whether to implement a drilling programme to assess gaps in the
current database. This is likely to occur during the fourth quarter
of FY2024 and will allow for an updated MRE and PEA to be
commissioned for Aurora if results warrant.
As reported in the Statement of
Exploration Results, Mineral Resources and Scoping Study released
in FY2023, some significant results were
returned from the Hacra North underground target. A review of the work undertaken to date has been finalised
and results from the study will be released in the third quarter of
FY2024.
D.
THABA JV
As previously reported the
unincorporated JV Agreement between the Company's wholly owned
South African subsidiary, Sylvania Metals (Pty) Ltd ("Sylvania
Metals") and Limberg Mining Company (Pty) Ltd ("LMC"), a subsidiary
of ChromTech Mining Company (Pty) Ltd ("ChromTech"), the Thaba JV
is advancing. The project execution phase will be 18-24 months with
first production expected in HY2 FY2025.
Design
Detailed design of the Thaba JV
project is progressing as planned, expediting completion of civil
and structural design and drawings for all areas. Process design is
complete for all plant areas and progress with electrical design is
sufficient to enable procurement of long lead items.
Procurement
Procurement of all mechanical long
lead item packages is complete, and the team is now busy with the
procurement of lower priority mechanical packages. During Q3
FY2024, the structural steel and platework fabrication and
construction packages will be awarded and procurement of electrical
long lead items will be completed.
Construction
The main civils contractor commenced
work in November 2023 and the demolition and removal of old works
on site was completed in December 2023. The civils contractor is
busy with earthworks for the chrome plant, thickeners, and
flotation plant and the first concrete pour commenced towards the
end of January 2024. The structural steel and platework site
contractors will establish from March 2024. The planned
construction start of the High Voltage Distribution Yard is March
2024. The overall schedule is still on track for commissioning in
Q3 FY2025.
E.
CORPORATE ACTIVITIES
Appointment of New Chair
As announced on 9 November 2023,
Stuart Murray stepped down as Chairman of Sylvania with effect from
31 December 2023. After a decade of service as Non-Executive
Chairman, Stuart has decided to focus more time on his other
business interests. The Board voted unanimously to appoint Eileen
Carr, who has been serving as Non-Executive Director and Chair of
the Audit Committee, as the Chair of the Board with effect from 1
January 2024. Simon Scott, Non-Executive Director, has taken over
Eileen's role as Chair of the Audit Committee. Eileen brings a
wealth of experience to her new role, with over 35 years of
professional expertise within the global resources sector. She has
a track record of leadership in executive roles having served as
Finance Director at both Cluff Resources and Monterrico Metals and
as a Non-Executive Director at Banro Corp and Bacanora Lithium and
is currently Non-Executive Chair of Oriole Resources.
Notification of Transaction by PDMR
Adrian Reynolds, Non-Executive
Director, purchased 10,000 ordinary shares of $0.01 each in the
Company ("Ordinary Shares") at 66.07 pence per Ordinary Share on 10
November 2023. Following this transaction, his shareholding in the
Company totals 50,000 Ordinary Shares, representing 0.02% of the
total number of Ordinary Shares with voting rights.
Exercise of vested bonus shares and buyback
During the period, the Company
announced that a total of 1,235,000 Ordinary Shares in the capital
of the Company had been exercised by employees and Persons
Displaying Management Responsibilities ("PDMRs") of the Company,
following the vesting of deferred share awards granted under the
Sylvania Platinum Limited Bonus Share Award Plan ("the Plan"). Of
the 1,235,000 shares that were exercised, 425,000 related to
PDMRs.
The Company agreed to repurchase
448,150 Ordinary Shares at the vesting price of 70.0 pence in order
to satisfy the tax liabilities of the employees and PDMRs and a
further 236,600 Ordinary Shares were repurchased at the 30-day VWAP
of 76.5 pence at the request of certain employees and PDMRs under
the terms of the Plan. Following the above transaction, the
Company's issued share capital amounts to 275,375,725 Ordinary
Shares of which a total of 11,765,211 Ordinary Shares are held in
Treasury. Therefore, the total number of Ordinary Shares with
voting rights in Sylvania amounts to 263,610,514 Ordinary
Shares.
Interim financial results announcement
The Company will announce its
interim results for the six months ended 31 December 2023 on
Thursday, 22 February 2024.
Analyst presentation
The Company will be hosting a
webinar for analysts on the day of release of its interim results.
To register your interest, please email
sylvania@BlytheRay.com.
Online investor presentation
The Company is committed to ensuring
that there are appropriate communication channels for all elements
of its shareholder base so that its strategy, business model and
performance are clearly understood.
Sylvania's CEO, Jaco Prinsloo, and
CFO, Lewanne Carminati, will host a live investor presentation, via
the Investor Meet Company platform, on Thursday, 22 February 2024
at 15:00 GMT.
The presentation is open to all
existing and potential shareholders. Questions can be submitted
pre-event via the Investor Meet Company dashboard up until 09:00
GMT the day before the meeting or at any time during the live
presentation.
Investors can sign up to Investor
Meet Company for free and include Sylvania Platinum Limited via
https://www.investormeetcompany.com/sylvania-platinum-limited/register-investor.
Investors who have already
registered and elected to meet the Company, will be automatically
invited.
CONTACT DETAILS
For
further information, please contact:
|
|
Jaco Prinsloo CEO
Lewanne Carminati CFO
|
+27 11 673 1171
|
|
|
Nominated Adviser and Broker
|
|
Liberum Capital Limited
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+44 (0) 20 3100 2000
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Richard Crawley / Scott Mathieson /
Kane Collings
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Communications
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BlytheRay
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+44 (0) 20 7138 3205
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Tim Blythe / Megan Ray
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sylvania@BlytheRay.com
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CORPORATE
INFORMATION
Registered and postal address:
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Sylvania Platinum Limited
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Clarendon House
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2 Church Street
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Hamilton HM 11
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Bermuda
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SA
Operations postal address:
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PO Box 976
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Florida Hills, 1716
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South Africa
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Sylvania Website:
www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost
producer of platinum group metals (PGM) (platinum, palladium and rhodium) with
operations located in South Africa. The Sylvania Dump Operations
(SDO) comprises six chrome beneficiation and PGM processing plants
focusing on the retreatment of PGM-rich chrome tailings materials
from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry.
Additionally, the Thaba JV comprises chrome beneficiation and PGM
processing plants, which will treat a combination of run of mine
(ROM) and historical chrome tailings from the JV partner, adding a
full margin chromite concentrate revenue stream. The Group also
holds mining rights for PGM projects in the Northern Limb of the
Bushveld Complex.
For more information visit
https://www.sylvaniaplatinum.com/
ANNEXURE
GLOSSARY OF TERMS FY2024
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The
following definitions apply throughout the
period:
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3E PGMs
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3E ounces include the precious metal
elements platinum, palladium and gold
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4E PGMs
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4E ounces include the precious metal
elements platinum, palladium, rhodium and gold
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6E PGMs
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6E ounces include the 4E elements
plus additional Iridium 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 costs
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All-in sustaining cost plus
non-sustaining and expansion capital expenditure
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All-in sustaining cost
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Production costs
plus all costs relating to sustaining current production
and sustaining capital expenditure
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CLOs
|
Community Liaison
Officers
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Current arisings
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Fresh chrome tails from current
operating host mines processing operations
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DMRE
|
Department of Mineral Resources and
Energy
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EBITDA
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Earnings before interest, tax,
depreciation and amortisation
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EA
|
Environmental
Authorisation
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EAP
|
Employee Assistance
Program
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EEFs
|
Employment Engagement
Forums
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EDEP
|
Employee Dividend Entitlement
Programme
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ESG
|
Environment, social and
governance
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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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ESG
|
Environment, Social and
Governance
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GBP
|
Pounds Sterling
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GBV
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Gender based violence
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GHG
|
Greenhouse gases
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GISTM
|
Global Industry Standard on Tailings
Management
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GRI
|
Global Reporting
Initiative
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JORC
|
Joint Ore Reserves
Committee
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IASB
|
International Accounting Standards
Board
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ICE
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Internal combustion
engine
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IFRIC
|
International Financial Reporting
Interpretation Committee
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IFRS
|
International Financial Reporting
Standards
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Lesedi
|
Phoenix Platinum Mining Proprietary
Limited, renamed Sylvania Lesedi
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LSE
|
London Stock Exchange
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LTI
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Lost-time injury
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LTIFR
|
Lost-time injury frequency
rate
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MF2
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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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MRE
|
Mineral Resource Estimate
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Mt
|
Million Tons
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NWA
|
National Water Act 36 of
1998
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PGM
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Platinum group metals comprising
mainly platinum, palladium, rhodium and gold
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PAR
|
Pan African Resources Plc
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PDMR
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Person displaying management
responsibility
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PEA
|
Preliminary Economic
Assessment
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PFS
|
Preliminary Feasibility
Study
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Pipeline ounces
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6E ounces delivered but not
invoiced
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Pipeline revenue
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Revenue recognised for ounces
delivered, but not yet invoiced based on contractual
timelines
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Pipeline sales adjustment
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Adjustments to pipeline revenues
based on the basket price for the period between delivery and
invoicing
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Project Echo
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Secondary PGM Milling and Flotation
(MF2) program announced in FY2017 to design and install additional
new fine grinding mills and flotation circuits at Millsell,
Doornbosch, Tweefontein, Mooinooi and Lesedi
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Revenue (by products)
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Revenue earned on Ruthenium,
Iridium, Nickel and Copper
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ROM
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Run of mine
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SDO
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Sylvania dump operations
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SHE
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Safety, health and
environmental
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SLP
|
Social and Labour Plan
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Sylvania
|
Sylvania Platinum Limited, a company
incorporated in Bermuda
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Sylvania Metals
|
Sylvania Metals (Pty)
Limited
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tCO2e
|
Tons of carbon dioxide
equivalent
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Thaba JV
|
Thaba Joint Venture
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TRIFR
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Total recordable injury frequency
rate
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TSF
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Tailings storage facility
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UNSDGs
|
United Nations Sustainability
Development Goals
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USD
|
United States Dollar
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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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Zero Harm
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The South African mining industry is
committed to the shared aspiration of achieving the goal of Zero
Harm, which aims to ensure that mineworkers return home from work
healthy and unharmed every day
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