Eastern Platinum (Eastplats) increased platinum group metal (pgm) production in 2010, the firm has revealed as it announces a doubling in full-year profits.

A one per cent rise in ounces sold helped Canada's largest producer of pgms increase net profits from $5 million (£3.17 million) in 2009 to $13 million (£8.24 million) last year.

The amount of pgms sold rose to 131,901 ounces in 2010 compared to 130,338 ounces in 2009.

It came despite a four per cent year-on-year fall in the final quarter of 2010, down from 34,000 in 2009 to 32,752 ounces.

Eastplats president and chief executive officer Ian Rozier said the company is "confident" that it can continue to increase production at its Crocodile River Mine and is "progressing well" with the development of the Crocette section.

"Also, with our recently completed financing, we are proceeding to bring our Eastern Limb projects to account as quickly as possible," he added.

The US dollar average delivered basket price per pgm ounce increased by 23 per cent in the fourth quarter and by 38 per cent for the whole year, the Vancouver-based firm said.

Meanwhile, the rand average delivered price for a pgm ounce increased by 13 per cent for the quarter and by 21 per cent for the year.

Source:

Eastplats full-year profit jumps to $13m (24/03/11)

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