Eastplats sinks to its lowest level in 12 years

Vancouver miner’s revenue plunges

Eastern Platinum Ltd. stock closed at its lowest level in more than a decade Thursday after reporting it swung to a loss in the third quarter as revenue dropped 40 per cent.

The Vancouver- based miner’s shares fell a penny to 13 cents, its lowest close since February 2000 in heavy trading Thursday.

The company, which reports in U. S. dollars, said Wednesday its loss attributable to equity shareholders totalled $ 5 million or a penny per share, a reversal from a year ago when it posted a profit of $ 1.4 million or nil per share.

Revenue for the Vancouverbased company with mines in various provinces in South Africa, fell to $ 19.9 million from $ 31.5 million.

About half of the company’s platinum production goes to Europe, which is mired in economic uncertainty over government debt problems in many eurozone countries.

EastPlats said Wednesday the amount of platinum group metals sold in the July- September period decreased 21 per cent to 21,273 ounces from 26,955 ounces in the same 2011 period.

The average delivered price in U. S. dollars per ounce slipped 18 per cent to $ 896 from $ 1,088.

At the end of the quarter, the company had a cash position of $ 135.6 million, down more than 50 per cent from $ 250.8 million it had at the end of December.