Eastplats’ first-quarter net loss widens on exchange rate losses

Platinum group metals miner Eastern Platinum’s (Eastplats’) net loss for the quarter ended March 31 widened to $8.2-million, or $0.09 a share, from the net loss of $800 000, or $0.01 a share, reported for the quarter ended March 31, 2019. The company attributed the widening loss to an $8.7-million change in foreign exchange losses owing a significant devaluation in the South African rand to the dollar as a result of the impact of the global spread of Covid-19.