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Business Writer
Zimbabwe Platinum Holdings (Zimplats)’s six elements (6E) output rose 3 percent in the quarter to December 31, 2020 despite a dip in ore mined during the four-month period.
This was an upturn from the prior quarter (quarter to September 30, 2020) when Zimplats’ 6E production slipped 12 percent.
6E elements include: platinum, palladium, rhodium, ruthenium, iridium and gold.
The platinum producer’s 6E mineral production for the fourth quarter went up despite lower ore milled during the period.
“Ore mined decreased by 3 percent from the previous quarter mainly due to a production fleet transferred from Rukodzi Mine, a higher productivity mine, to the lower productivity Mupani Mine which is under development,” said Zimplats.
“6E metal production in final product increased by 3 percent from previous quarter due to 1 percent increase in milled throughput and 1 percent increase in concentrators recovery rate.”
The group’s 6E metal production in final product increased by 26 percent from the quarter ended December 31, 2019.
“6E metal production in final product for the quarter ended December 31, 2019 was affected by an increase in concentrate stocks and the build-up of inventory in the furnace on start-up after the 122-day major rebuild shutdown,” said Zimplats.
In terms of Q4 financial performance, the group’s total operating cash costs increased by 1 percent from the previous quarter “mainly due to local government rates and computer software licence fees which are paid bi-annually.”
A total of US$1,8 million was transferred from operating costs to closing stocks during the quarter compared to US$5,6 million in the previous quarter.
“This was due to the 3 percent decrease in tonnes of ore mined and 1 percent increase in the volume of ore milled,” explained management.
“There was no build-up of concentrate stocks in the quarter. Consequently, operating cash costs per 6E ounce increased by 2 percent from the previous quarter.”
Zimplats said a total of US$0,5 million was spent on exploration projects and US$0,9 million was committed during Q4.
Online Reporter