HomeNewsWesizwe loss rises

Wesizwe loss rises

The storage facility
for the drill core
from the Frischgewaagd
-Ledig project
Johannesburg, South Africa — MININGREVIEW.COM — 01 April 2010 – Emerging new generation platinum miner Wesizwe Platinum Limited has reported an increase in its full year headline loss, owing to ongoing expenditure on the development of its core Frischgewaagd-Ledig project.

In a statement released here, the company said headline earnings per share had fallen to 6.65 cents in the year to end-December, from a loss of 4.89 cents the previous year.

Wesizwe added that it would conduct a review of the economics for the Frischgewaagd-Ledig project to incorporate changes in commodity prices. “Options for funding the development of the Frischgewaagd-Ledig project are being analysed and pursued aggressively,” the Wesizwe statement said.

The black-owned company said last year it had delayed the construction start of the project until it obtained sufficient funding. It had said in the past that it wanted the mine to start producing in 2011 and to reach full output by 2016.

“The feasibility study conducted on the project describes a current resource of over 13 million PGM ounces and indicates a near-term potential of producing 350 000 PGM ounces a year,” Wesizwe claimed.

Gross company expenditure during the year amounted to R74.6 million, and operational activities resulted in a pre-tax loss of R38.9 million, up from a loss of R27.8 million in 2008. Wesizwe said it had R111 million in cash at the end of the financial year, and that no dividend had been declared.