Reviewed Condensed Consolidated Interim Financial Statements
for the six months ended 31 March 2014

SALIENT FEATURES

Continued excellent safety performance with a Lost Time Injury Frequency Rate of 0.15 per 200,000 man hours
Revenue increased by 22.6% to
US$126.1 million notwithstanding lower commodity prices
PGM production (5PGE + Au) increased to 38,400oz (2013: 28,000oz)
 
Metallurgical grade chrome concentrate production of 500,000t (2013: 584,700t)
Foundry and chemical grade chrome concentrates production of 69,400t (2013: nil)
Operating profit increased by 19.2% to US$7.4 million
 
Basic and diluted loss per share of US$3.71
Headline loss per share of US$3.70
Net cash generated from operations of US$28.8 million

SUBSEQUENT EVENTS

Listing on the JSE on 10 April 2014
Capital raised of US$47.9 million (ZAR500.0 million)
Pro forma cash on hand of US$50.7 million
Pro forma earnings and headline earnings per share US$0.4 cents
First phase magnetic separation test units installed and high energy flotation cells commissioned
         
Commentary

Dear Shareholder

Our concerted focus on safety resulted in the Tharisa Mine achieving a Lost Time Injury Frequency Rate (LTIFR) of 0.15 per 200,000 man hours worked, which ranks amongst the lowest LTIFRs in the PGM and chrome industries in South Africa.

The Group continued the ramp-up of production at the Tharisa Mine with increased revenue and operating profit being recorded during the six month period under review.

  Financial statements

arrow Condensed consolidated statement of profit or loss and other comprehensive income
arrow Condensed consolidated statement of financial position
arrow Condensed consolidated statement of changes in equity
arrow Condensed consolidated statement of cash flow
arrow Notes to the condensed consolidated Interim financial statements
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