Eastplats hires new CFO as production ramps up

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Eastplats hires new CFO as production ramps up

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Published Date: 2021-04-07 | Source: Stephen Gunnion | Author: Stephen Gunnion

Eastplats hires new CFO as production ramps up

Wylie Hui previously served as the CFO of several publicly listed mining companies and provided consulting and CFO services to numerous public companies.

Eastern Platinum (Eastplats) has appointed a new chief financial officer as it aims for higher chrome and platinum production following an upgrade to its operations.

Wylie Hui, who will also be company secretary, has over 25 years of finance and operational experience, particularly in the mining sector. He previously served as the CFO of several publicly listed mining companies, provided consulting and CFO services to numerous public companies, and also worked for global accounting firms BDO and Ernst & Young.

He replaces Rowland Wallenius, who has resigned from the company to pursue other opportunities.

Eastplats owns directly and indirectly a number of platinum group metals (PGMs) and chrome assets on the western and eastern limbs of the Bushveld Complex, the geological environment is believed to host more than 75% of the world's PGM-bearing ore.

Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource, with an offtake of the chrome concentrate from the Zandfontein UG2 tailings facility (the retreatment project) and the processing and extraction of PGMs.

The company recently completed the reconfiguring and optimisation of its small-scale PGM circuit (previously the scavenger plant circuit) which also included completion of the initial work required to restart its main PGM plant circuit. Following the completion of the work, it generated approximately 111 tons of PGM concentrates, and delivered around 64 dry tons under the existing offtake agreement with Impala Platinum.

It completed the upgrades to obtain higher quality concentrate in order to be able to consistently produce a minimum of 200 tons of PGM concentrate per month, which it said would have a positive impact on revenue. The next phase of the PGM Main Circuit work continues to be scheduled to start in May 2021, with commissioning expected in October 2021. The company estimated this would add a further 800 tons of PGM concentrate per month to production, increasing production four-fold and continuing to grow revenue.

Eastplats' shares rose 11% to R4.91 in thin trade yesterday.





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