Chronicle Editor
ZIMPLATS, Impala Platinum’s unit in Zimbabwe, announced that revenue for the quarter to end-June 2017 increased by nine percent to $143.59m compared to $131.26m in the prior quarter.
In its quarterly update, Zimplats said revenue growth was mainly due to the 16 percent increase in 4E metal sales volumes.
“The growth was, however, partly offset by a general decrease in metal prices,” said Zimplats.
Platinum prices for the quarter were down four percent to $941 against $981 in the quarter to March. Profit from operations after royalties decreased by 28 percent to $30.3m from $42.2m reported in the previous quarter.
The platinum miner saw tonnes mined increasing by 10 percent to 1.86 million tonnes from the previous quarter’s 1.68 million tonnes due to an extra nine operating days in the quarter.
“Production in converter matte for the period under review increased 17 percent to 158 898 ounces compared to 135 831 ounces during the previous quarter,” said Zimplats, adding that this was largely due to increased milling throughput.
Meanwhile, Zimplats said a total of $36m has been spent on the redevelopment of Bimha mine which remains on schedule to reach full production in April 2018. This is against an approved total project budget of $92m.
The miner is also developing Mupani mine, which is the replacement mine for Ngwarati and Rukodzi. Zimplats is targeting ore contact at Mupani by May 2020 and full production in August 2025. – Fin24
Bongani Ndlovu
Online Reporter