Platinum. Picture: REUTERS
Platinum. Picture: REUTERS

Toronto- and Johannesburg-listed Eastern Platinum (Eastplats) said on Thursday revenue in its first quarter to end-March more than doubled, as it continues to ramp up production at its Crocodile River Mine.

The group said in a trading update that revenue increased 163% to $14.2m (R241m) in its first quarter, though it has taken a hit from a weaker rand, which resulted in an $8.7m change in foreign exchange losses.

The group is conducting tailings retreatment at its previously mothballed Crocodile River Mine near Brits in North West to extract chrome, and said earlier in 2020 it is also extracting platinum group metals concentrate. It had hoped to increase this in the second half of 2020, but had noted the threat to this plan posed by the coronavirus pandemic.

The group said its workforce had returned and its retreatment project was in full operation.

In morning trade, the group’s little-traded share was unchanged at R3.96, having risen 32% so far in 2020. Over the same period, the JSE’s platinum miner index has fallen 15.16%.

gernetzkyk@businesslive.co.za