- Eastern Platinum Limited (ELR) reports annual results for 2020 and provides an operations update
- Planned maintenance has improved significantly in 2020 to 86 per cent up from 76 per cent in 2019
- In early 2021, Eastern completed the reconfiguring and optimization of the PGM Circuit D
- Eastern has also raised total gross proceeds of approximately C$9.3 million (C$11.8 million) to invest in additional capital projects
- All of Eastern's properties are situated on the western and eastern limbs of the Bushveld Complex
- Eastern Platinum Limited (ELR) is up 2.78 per cent and is trading at C$0.37 at 11:57 am ET
Eastern Platinum Limited (ELR) has filed its Audited Consolidated Financial Statements for the years ending December 31, 2020, and 2019.
ELR has also filed the corresponding Management's Discussion and Analysis and Annual Information Form.
The Retreatment Project's availability as a 24-hour continuous operation, including planned maintenance, has improved significantly in 2020 to 86 percent, up from 76 percent in 2019.
Eastplats reported 987,003 tons of chrome concentrate production, a 68 per cent increase from 2019 production.
On March 10, 2021, Eastern and Union Goal signed updated Retreatment Project Agreements, which capitalized on Eastplats' two years of operating knowledge and continued commitment to the Retreatment Project's long-term benefits.
In 2020, Eastern completed the refurbishment of the small-scale PGM circuit.
Eastern only restarted and began operating the PGM Circuit D during Q3 2020 (following the mandatory general lockdown imposed by the Government of South Africa in connection with the COVID-19 pandemic).
Eastern generated approximately 134 tons of pressed filter cake PGM concentrate and delivered approximately 32.18 tons during 2020.
In early 2021, Eastern completed the reconfiguring and optimization of the PGM Circuit D, including funding for some of the initial work required to restart the main PGM plant circuit.
On December 18, 2020, Eastern issued rights to its existing shareholders for the acquisition of shares at a discounted price.
On January 22, 2021, Eastern completed the Rights Offering. Eastplats issued 36,841,741 common shares of Eastern at a price of C$0.32 per Common Share for rights exercised on the Toronto Stock Exchange and R3.77136 per Common Share for rights exercised Johannesburg Stock Exchange.
Eastern has also raised total gross proceeds of approximately $9.3 million (C$11.8 million) to invest in additional capital projects.
Eastern's CRM Retreatment Project in South Africa was operating without restrictions on December 31, 2020.
Additionally, Eastern restarted the PGM Circuit D in 2020 and completed further improvements during March 2021.
Diana Hu, CEO of Eastern Platinum, commented, "Eastplats has established stable operations with the Retreatment Project and is seeking to complete its optimization program by the end of Q3 2021."
"These projects are expected to increase the revenue and income of Eastplats. In 2021, the Company's focus is on operations and cash-flow to continue to build shareholder value," added Hu.
Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South Africa.
All of Eastern's properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80 per cent of the world's PGM-bearing ore.
Eastern Platinum Limited (ELR) is up 2.78 per cent and is trading at C$0.37 at 11:57 am ET.