Production at Eastern Platinum's Crocodile River Mine hit 33,383 pgm oz in the second quarter of 2009, the latest set of company results shows.

The figure represents a ten per cent increase on the 30,311 pgm oz recorded in the equivalent period last year.

However, the average delivered basket price per pgm oz was just $679, down 59 per cent on the $1,657 seen in the quarter ended June 30th 2008.

This meant that net profit attributable to equity shareholders of just $317,000 was achieved in the last quarter, although Eastern Platinum president Ian Rozier believes it a sign of the progress made by the company that a profit had been made at all.

"It's not much of a profit, but a profit nonetheless," he said, Mining Weekly reports.

"We've survived the perfect storm ... and all the trend lines are going in the right direction."

Mr Rozier attributed the company's achievement to the changes made to its mining plan at the start of the year.

He said that Eastern Platinum had been able to establish itself as a low cost producer within the pgm sector in spite of metal price and exchange rate volatility.

Source:

Eastern Platinum Reports Results For The Three Months Ended June 30, 2009 (13/08/09)Eastplats posts small profit (13/08/09)

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