November 14, 2011 / 1:38 PM / in 6 years

UPDATE 1-Eastplats Q3 profit falls on labor issues

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Nov 14 (Reuters) - Canadian miner Eastern Platinum’s quarterly profit fell as production at its flagship Crocodile River mine in South Africa was hit due to labor disruptions.

For the July-September period, net income fell to $1.4 million, and broke even on a per share basis, compared with a net income of $4.0 million, or 1 cent a share, a year ago.

Last month, Eastern Platinum had reported a 29 percent drop in its third-quarter production.

The company said sales of platinum group metals (PGM) that include platinum, palladium and rhodium, also fell 29 percent to 26,955 ounces during the quarter.

Eastplats 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.

Eastern Platinum shares closed at 69 Canadian cents on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed and Bhaswati Mukhopadhyay in Bangalore; Editing by Esha Dey)

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