Profits up at Eastern Platinum on back of increased pgm demand
Increased demand for platinum group metals has helped to boost profits at Eastern Platinum, it has been revealed.

The company sold 37,798 pgm oz in the three months to 30th September 2010, up 26 per cent on the 29,986 pgm oz sold in the third quarter of 2009.

This enabled Eastern Platinum to almost double its quarterly profits, with a net profit attributable to equity shareholders of $4,039,000 recorded for the period.

By way of contrast, a net profit attributable to equity shareholders of $1,839,000 was reported this time last year.

According to CEO Ian Rozier, the boost in profits is largely attributable to the progress made in streamlining operations at the company's Crocodile River Mine.

"We look forward to further improvements, as well as production from Crocette which we expect to contribute ounces within the next 12 months," he commented.

"We also look forward to developing our Eastern Limb projects now that we have the necessary New Order Mining Rights, and have secured power and water supply."

Having been formed in 2003, Eastern Platinum now has four primary assets on South Africa's Bushveld containing over 85 million ounces of platinum group metals.

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Eastern Platinum Reports Results For The Three Months Ended September 30, 2010 (15/11/10) 

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