LONDON (ShareCast) - Higher platinum prices and increased production despite power interruptions at its mines helped South Africa-focused miner Eastern Platinum (Eastplats) post record earnings in the first quarter of 2008.

Net earnings for the quarter totalled $20m, compared with a net loss of $10m in the first quarter of 2007.

Revenues from the company’s Crocodile River Mine (CRM) rose by 80% to $56.4m as platinum group metals (PGM) output rose to 27,825 ounces from 26,807 ounces. The mine is in the west of South Africa’s Bushvelt complex, which holds 80% of the world’s platinum supply.

Eastplats is also developing mining operations in the east of the complex.

“Despite power interruptions and ongoing reductions in power supply during the first quarter, our PGM production increased compared to the quarter ended December 31, 2007 and we achieved record earnings for the quarter," Eastplat’s chief executive and president Ian Rozier said.

"Mining rates, underground development rates and recovery rates are all up, and with sustained high PGM prices, we look forward to continued profitability at the Crocodile River Mine.

“We have also commenced underground development at the Crocette Section at CRM as well as at our Spitzkop property on the eastern limb and plan on bringing them into production as quickly as possible in order to take advantage of the high PGM prices."

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