StockMarketWire.com - Platinum group metals producer Sylvania Platinum posted a 70% rise in first-half profit and upped its dividend after it benefited from higher metal prices.

Net profit for the six months through December increased to $40.5 million, up from $23.9 million year-on-year, as revenue jumped 44% to $85.2 million.

The company achieved an average gross platinum group metal basket price of $3,184 an ounce, up from $1,830 in 2019.

It declared a final dividend of 1.6p per share, up from 0.78p year-on-year, plus an additional windfall dividend of 3.75p.

'The production teams are to be commended for their resilience as they successfully navigated through the second wave of Covid-19 in South Africa,' chief executive Jaco Prinsloo said said.

'Whilst production wasn't directly affected, there was a greater impact on employees as well as challenges relating to lower-grade feed sources being processed. '

'The implementation of our process optimisation initiatives, such as the Project Echo modules and improved fines classification technology, have contributed to these solid results and the company is confident in achieving its target of 70,000 PGM ounces for the financial year.'


At 9:18am: [LON:SLP] Sylvania Platinum Ltd share price was 0p at 70p



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