adminHarare – Zimbabwe Platinum Mines (Zimplats), of which 87 percent is owned by Impala Platinum, reported a 9 percent increase in revenue to $137.8 million for the quarter to March 31, 2014. Management said the increase in revenue for the period under review was on the back of higher metal prices.
The revenue was, however, down 19 percent from $169.3m reported prior year comparative.
Operating profit for the period was up 76% to $36.1m from the previous quarter, but down 45 percent from $65.4m reported prior year comparative.
Tonnes mined increased by 1 percent from the previous quarter mainly due to production ramp-up at Mupfuti Mine.
Turning to its expansion programmes, the miner said the Mupfuti Mine development remains on schedule to reach design production in early 2015. There are now four production fleets after the introduction of an additional fleet this quarter.
Meanwhile, media reports said Zimplats could soon begin partially processing its matte at the Selous-based base metal refinery once refurbishment is completed.
Impala Platinum CEO Terence Goodlace said in a statement on Tuesday that the platinum company has embarked on the “first stage” of refurbishment of the base metal refinery plant in Selous.
Platinum miners have until the end of next year to set up a refinery within Zimbabwe and a levy on raw platinum exports has already been imposed. – Fin24.
Online Reporter