Eastern Platinum Loses $89 Million in Second Quarter

Mining Weekly reported Eastern Platinum (TSX:ELR,LSE:ELR) said an impairment charge of $88-million resulted in a loss of $89-million for the second quarter.

As quoted in the market news:

This pushed the group’s net loss for the six months ended June to a total of a $102-million, compared with a loss of $18-million in the comparative six-month period last year.

The South Africa-focused platinum junior reported increase of 29% quarter-on-quarter increase in platinum-group metals (PGM) ounces sales during the second quarter reaching 26 412 oz, compared with 20 528 oz recorded in the second quarter of 2011. This was also up from the first quarter sales of 24 474 oz.

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