Wednesday October 28, 08:46 AM
UPDATE 1-Sylvania posts sequential rise in qtrly production rate
* Net revenue rise 43.9 pct to 32.6 mln rands
* Chrome mines closure impact the nature of feed material
* Shares down 9 pct
(Adds details)
Oct 28 (Reuters) - Australia-based platinum-group metals producer Sylvania Resources Ltd posted a sequential rise in the quarterly production rate but said the closure of some of the chrome mines impacted the nature of the feed material to its plants.
The South Africa-focussed firm said it mitigated the impact of the closures, which were due to the economic downturn, by accelerating the treatment of the dumps and slowing the pace of plant erection.
However, the company forecast an increase in demand for chrome, which would help in starting delayed projects in the coming months.
The company said it expected the resumption of run of mine ore feed to have a positive impact on recoveries.
For the quarter ended Sept. 30, production rate rose by 36 percent to 5,558 ounces, compared with 4,074 ounces in the previous quarter.
Net revenue rose 43.9 percent to 32.6 million rands.
The company's shares fell 9 percent to 49 pence by 0801 GMT on Wednesday on the London Stock Exchange (LSE: LSE.L - news) .
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Maju Samuel) Keywords: SYLVANIARESOURCES/
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