Eastern Platinum reports loss for 2024, targets production increase

Eastern Platinum Limited (JSE:EPS) reported its annual results for the year ended December 31, 2024, revealing a decline in revenue and a net loss attributable to shareholders of -$12.8 million, compared to a profit of $13.8 million in the previous year. Revenue decreased to $62.5 million, down from $106.9 million in FY2023. The company attributes the decrease in income to lower revenue and gross margins generated by its Crocodile River Mine (CRM). Despite these challenges, Eastplats aims to ramp up production at the Zandfontein underground operations in 2025, targeting 631,000 tons of underground Run-of-Mine (ROM) ore. The company intends to improve chrome production in 2025, subject to capital availability. Eastplats ended the Retreatment Project and is now focused on improving production results and managing costs.