Eastplats struggles with ‘going concern’ worries

Eastern Platinum sounded a “going concern” warning because of large debt incurred for its chrome project, while its mining licences have come under scrutiny because of complications around mandatory black ownership levels underpinning those permits.

While there is an inflow of revenue for the first time in years, the company has heavy care and maintenance costs that erode that income. Eastplats is also entirely dependent on a single company called Union Goal Offshore Solution as the sole buyer of its chrome for its revenue. With nearly $16m of revenue, Eastplats reported a significant drop in its post-tax loss to $2.2m from $5m the year before. It spent $3.6m on care and maintenance of its assets in the interim period.

Cash holdings fell to $1.9m from $4.2m at the end of December. Eastplats noted a sharp kick-up in trade and receivables of $9.7m compared to $1.3m at the end of 2018 because of delays in collecting what was due to it.

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