Eastern Platinum (TSE:ELR) announced its’ financial results for the three and nine months ended September 30, 2010.
The press release is quoted as saying:
During the quarter, the Company reassessed the timing of its chrome revenue recognition and determined that it was more appropriate to recognize chrome revenues at the time the physical chrome crossed the ship’s rail at the port of shipment. This resulted in the recording of chrome inventory of $2,201,000 at September 30, 2010 representing 45,752 tonnes of chrome in transit, and a corresponding one-time adjustment to chrome revenues as discussed above.
Ian Rozier, President and CEO of the company says:
“Our record quarterly production is a result of our ongoing efforts to streamline operations at CRM. We look forward to further improvements, as well as production from Crocette which we expect to contribute ounces within the next 12 months. We also look forward to developing our Eastern Limb projects now that we have the necessary New Order Mining Rights, and have secured power and water supply.”
