Eastern Platinum's Crocodile River Production Falls

Canada-based Eastern Platinum Ltd. said Tuesday production from its flagship Crocodile River mine in South Africa fell nearly a third due mainly to the consequences of labor disputes earlier this year.

Production, which fell on a year-over-year basis by 29 percent to 26,995 ounces, fell as the company integrated new workers who replaced other workers.

Third-quarter mining and production improved over the second quarter, which declined on labor issues related to the illegal underground sit-in followed by an unprotected strike in early May, the company said in a statement.

Following the settlement of the labour issues in late May, operations at the Zandfontein section have steadily and safely returned to levels achieved in late 2010. At the Maroelabult section, 155 production workers were suspended in May following which JIC Mining was engaged on a fixed-term contract, Eastern Platinum said.

Eastern Platinum operates the Crocodile River mine on the Western Limb of the Bushveld Complex. It has assets on the western and eastern limbs of the Bushveld Complex, which holds about 80 percent of the world's platinum, according to its website.

Shares rose 1.35 percent in morning trading.