LONDON (SHARECAST) - Falling platinum prices have hit profits at Sylvania Resources, which mines for the precious metal in South Africa.
The company received an average $1,499 an ounce in the quarter to September 30, a 44% drop from $2,692 the previous quarter.
Platinum prices have slumped from levels near $2,000 an ounce in the middle of the year to about $900 today.
“The recent decline in world PGM (platinum group metal) prices has negatively impacted Sylvania's profitability in the quarter,” chief executive Terry McConnachie said.
Production at its Sylvania Dump Operations division during the quarter edged up to 5,854 ounces from 5,753 ounces over the previous three months.
