Sylvania Platinum Ltd
LSE:SLP
Sylvania Platinum Ltd
Sylvania Platinum Ltd. engages in the investment in mineral exploration and mineral treatment projects. The firm is engaged in extraction of PGMs from chrome dumps and arisings, as well as investment in mineral exploration. The firm's segments include Mill sell, Steelpoort, Lannex, Mooinooi, Doornbosch, Tweefontein, Exploration projects and Corporate/Unallocated. The company is focused on the retreatment plants. The firm has over seven operational retreatment processing plants, as well as an open cast mining exploration project and a Northern Limb exploration project, which is in the exploration phase. Its assets include Sylvania Dump Operations, Volspruit, Northern Limb Projects, Everest North and Chrome Tailings Re-Treatment Plant (CTRP). The firm holds prospecting and mining rights for a number of PGM projects on the Northern Limb of the Bushveld Igneous Complex. The firm's operations include in Australia and South Africa.
Sylvania Platinum Ltd. engages in the investment in mineral exploration and mineral treatment projects. The firm is engaged in extraction of PGMs from chrome dumps and arisings, as well as investment in mineral exploration. The firm's segments include Mill sell, Steelpoort, Lannex, Mooinooi, Doornbosch, Tweefontein, Exploration projects and Corporate/Unallocated. The company is focused on the retreatment plants. The firm has over seven operational retreatment processing plants, as well as an open cast mining exploration project and a Northern Limb exploration project, which is in the exploration phase. Its assets include Sylvania Dump Operations, Volspruit, Northern Limb Projects, Everest North and Chrome Tailings Re-Treatment Plant (CTRP). The firm holds prospecting and mining rights for a number of PGM projects on the Northern Limb of the Bushveld Igneous Complex. The firm's operations include in Australia and South Africa.
Record Production: Sylvania achieved a new annual record of 75,469oz 4E production, a 13% increase from the previous year, driven by higher throughput and recoveries.
Revenue & Profit Impact: Despite a 28% drop in the PGM basket price, the company reported $130 million in net revenue (down 14% YoY) and $45 million in net profit.
Costs Managed: Group cash unit costs decreased 14% to $771/oz, with operating costs in dollar terms down 11% to $640/oz, keeping Sylvania in the lowest cost quartile.
Strong Cash & Dividends: Sylvania ended the year with $124.1 million in cash, up 2%, and maintained its 8 pence per share annual dividend, also executing a $3.6 million share buyback.
THABA JV Launch: The newly announced THABA joint venture will diversify revenue with chrome sales and add over 6,500oz 4E annually to production once operational in 2025.
Stable Outlook: Production guidance for FY24 is 74,000–75,000oz, with further growth expected from THABA JV and other projects.
Market & Macro: Management expects a gradual recovery in PGM prices, with platinum seen in short-to-medium term deficit, but remains cautious on the timing given ongoing volatility.
