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Positive first-quarter mine operating income has heartened South African platinum group metals (PGM) and chrome mining company Eastplats, which reported on Friday, May 15 that it will continue to focus on operational efficiencies to improve its PGM and chrome production.
The Canada-based company, which has a primary listing on the Toronto Stock Exchange and a secondary listing on the Johannesburg Stock Exchange, reported a $5.4-million-higher first-quarter mine operating income from its Crocodile River mine PGMs and chrome operations on the western limb of South Africa's Bushveld Complex.
Six-element PGM production of 4 751 oz in the three months to March 31 was up on the 3 175 oz in the corresponding period of last year. The production of chrome concentrate was also well up at 16 757 t compared with last year's first-quarter output of 9 761 t.
Overall, first-quarter revenue fell by 6.8% to $13.8-million while first-quarter gross margin was 4.8% compared with the negative -31.6% in the first quarter of last year.
This was the result of higher PGM sales as well as the completion of shifting from tailings feed to run-of-mine (RoM) upper group two (UG2) ore from the Zandfontein underground section of the Crocodile River mine.
"We had a challenging first quarter as monthly RoM processing tonnages at Crocodile River mine were lower than targeted. That said, we're encouraged by the positive mine operating income and continue to focus on operational efficiencies to improve PGM and chrome production," Eastplats CEO and president Wanjin Yang stated in a media release to Mining Weekly.
Most of Eastplats' revenue – 81% for first quarter of 2026 – is from PGM concentrate sales to Impala Platinum under offtake agreements, as production from the Crocodile River mine ramps up.
Net loss attributable to equity shareholders narrowed to $4.1-million compared with $6.9-million in the first quarter of last year.
SOUTH AFRICAN PRODUCTION
Minerals Council South Africa reported on May 15 that in the month of March, overall South African production of PGMs was 10.5% higher than in March 2025, supported by operational stability and demand recovery.
In addition, PGMs were the biggest contributors to South Africa's overall mineral sales of R242-billion in the first three months of 2026.
Price developments in the month of March were considerable, with the rhodium price at a 105.7%-higher $11 285/oz, platinum at a 109.6%-higher $2 054/oz, and palladium at a 62.4%-higher $1 556/oz.
"The sharp increase in mineral sales earnings highlights the sector's potential to catalyse inclusive growth in South Africa. With supportive policy and regulatory frameworks, the industry could achieve even greater outcomes," Minerals Council South Africa noted in a release to Mining Weekly.

Positive operating income heartens challenged Eastplats

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Positive operating income heartens challenged Eastplats