adminUS$200 million from last year’s profit of US$122 million.
The platinum miner’s tax charge for the period under review amounted to US$36 million.
The profit was achieved on the back of a 30 percent surge in turnover to US$527 million from US$ 404 million last year.
The increase was underpinned by an improvement in metal production and higher metal prices.
Total operating costs for the year, excluding share-based payments, amounted to US$264 million, up 18 percent on the prior year’s US$22 million.
This reflected an increase in production volumes, the effect of the strengthening South African rand on the cost of inputs sourced from that country and significant increases in employment costs.
Operating cash cost per platinum ounce increased by 6 percent to US$1 171.
The company recorded a 4 percent increase in sales volumes, a factor that was further buttressed by consistent improvement in metal prices during the course of the year.
Prices for platinum climbed throughout the financial year from just over US$1 500 per ounce to end at approximately US$1 800 per ounce, leaving an average for the year of US$1 610, representing a 34 percent increase over the prior year.
Despite the recovery in metal prices during the period from last year, observers note that the re-emergence of European Union debt concerns and the austerity measures undertaken by the Greek government could dampen commodity demand on the continent.
However, this is largely expected to be negated by resilient economic performance in the Bric economies (Brazil, Russia, India and China).
Zimplats’ metal production for the year increased by 5 percent during the period, which the company attributed to an increase in volume of ore processed and improved recoveries at the Ngezi concentrator.
Ore mined for the year stood at 4,24 million tonnes and was 19 percent above the previous year, mainly reflecting increased production from Bimha Mine, which reached full tilt in May.
The mine produced 1,63 million tonnes of ore, a 76 percent improvement on last year.
Ngawarati mine production was steady at 1,26 million tonnes, a marginal increase on the previous year’s 1,25 million tonnes.
Rukwodzi mine production at 1,35 million tonnes was 1 percent below prior year production of 1,36 million tonnes.
Meanwhile, Zimplats has reported that US$154 million has been committed for the implementation of the Ngezi Phase II expansion project of which US$46 million has already been used.
The US$400 million project is expected to increase ore mined and milled to 6,2 million tonnes per annum and platinum production to 270 000 ounces per annum from 2014.
Zimplats’ major shareholder is South Africa-based Impala Platinum Holdings, which is the world’s second largest platinum producer.
Implats has said its headline earnings in the 2011 financial year rose 41 percent on higher prices and is on course to reach annual production of 2 million ounces.
Bongani Ndlovu
Online Reporter