Platinum group metal mining company Barplats Investments has cut its net loss from R66.9 million to June 2003 to R42 million to June this year.

The headline loss per share has been reduced from 31 cents to 19 cents, Business Day reported.

During the first half of the financial year the Crocodile River mine had continued to incur substantial losses, the group said, and various options to restore viability had proved unsuccessful.

As a result, the mine's operations were suspended in January this year and the mine was place on care-and-maintenance for the rest of the financial year.

Impala Platinum disposed of its 83 per cent interest in the group to a consortium of investors during that time, leaving the consortium holding 91 per cent.

A new management team consequently took control of Barplats in June and has initiated a structured plan to return the Crocodile River Mine to its rated capacity.

Mining re-started on 28 July and refurbishment of the concentrator is underway, the company said. The development of a mine plan for the Zandfontein Section is expected to be approved in December.

"The group has secured an initial US$7.5 million credit facility to undertake the aforementioned short-term initiatives," a Barplats spokesman told Business Day.

"Once the Zandfontein Section mining plan has been approved, the group's ongoing funding requirements will be determined and negotiated."

He added that the group would require extra funding facilities to carry out its future plans.