Eastplats ready to make operational decisions
Vancouver-based company, which owns the mothballed Crocodile River mine, has cut its losses for the six months to end-June
Vancouver-based Eastern Platinum (Eastplats) said on Monday it was gearing up to make operational decisions in the second half of 2017, after having cut its interim losses for the six months to end-June to $4.7m from a previous $30.5m.Eastplats, which is listed on the Toronto Stock Exchange and the JSE, had reported working capital of $27.5m for the year to end-December. As of June 30, this stood at $26.3m, the company said in a trading statement.The company owns the mothballed Crocodile River platinum mine near Brits, but faces heavy litigation costs, the latest of which is a R30m claim by Alpha Global Capital relating to a 2007 transaction.In mid-morning trade the company’s share price was unchanged on the JSE at R2.50. It is, however, down 61.48% so far this year.The company had said previously it was seeking to reduce care and maintenance costs amid legal and investigation costs. It reported in a statement on Monday that it was preparing to make operational decisions in the seco...
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