Updates

Sylvania Platinum

September 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A solid Q4 to finish the year with production just over guidance of 70,000 oz. Recent concerns from riots in South Africa have been misplaced with no disruption to production. However, EBITDA of US$28.7m was 5% below Liberum’s forecast due to lower rhodium prices, while cost inflation was 20% in Rand terms, half of which came from temporary weakness in grade and recovery rates and half from mining inflation. That grade weakness was due to the closure of host Semancor’s chrome mine, during the pandemic, forcing Sylvania to use lower grade stockpiled waste material. Analysts expect the re-commencement of Semancor’s chrome operations next year to see this weakness reverse. In spite of the commodity price weakne ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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