Eastplats is based in Vancouver, Canada and listed on the Toronto Stock Exchange (TSX:ELR) and the Johannesburg Stock Exchange (JSE:EPS). The Company has four platinum group metals (PGM) assets in South Africa’s Bushveld Complex:
- the Crocodile River Mine on the western limb of the Bushveld
- the Kennedy's Vale project located on the eastern limb of the Bushveld
- the Spitzkop project adjacent to Kennedy's Vale, and
- the Mareesburg open-pit project, close to Spitzkop and Kennedy's Vale
Due to the continuing negative outlook in the global economic environment, the sustained weakness in PGM pricing and the current operating environment in South Africa, the Company has made two major decisions to preserve capital:
- In April 2012, Eastplats suspended funding for construction work on the Mareesburg Project and Kennedy’s Vale concentrator and completed an orderly shutdown by late 2012. At the time of shutdown, the project was at approximately 43% completion.
- In August 2013, Eastplats suspended operations at the Crocodile River Mine.
Eastplats remains well-financed as a result of a December 2010 brokered equity financing that raised C$347 million. Most proceeds from the offering were used for the development of the Mareesburg Project and the Kennedy’s Vale concentrator, but Eastplats has preserved sufficient capital to maintain a strong balance sheet and to keep all of its assets in a state of readiness so that activities can be quickly reinitiated when economic conditions and the operating environment improve.