Production of platinum at Zimplats, a unit of South Africa’s Impala Platinum, rose 7% to 45 000 ounces during the third quarter ending March 31 2012.
Platinum in matte produced by the mine was up from 42 000 ounces produced during the same period last year as plans to increase production remained on course.
Cumulatively, platinum output at Zimplats dropped to 131 000 ounces during the first nine months of the year compared to 137 000 ounces recorded during the same comparative period.
“Platinum production in matte rose by 7% to 45 000 ounces in line with the corresponding increase in tonnes milled to 1,07 million.
“The Phase 2 expansion project remains on schedule to increase production to 270 000 ounces of platinum in FY2014,” said Bob Gilmour, the group’s corporate relations executive in the third quarter production report.
In March this year, the company presented a new indigenisation plan to the government following pressure to comply with regulations compelling foreign-owned companies to dispose 51% of their shareholding to locals.
Under the deal with the government, 10% of Zimplats will be issued to the Community Trust, and 10% to an Employee Share Ownership Trust.
“Following compensation at fair value in lieu of empowerment credits for previously released ground, Zimplats will make available for sale a 31% fully contributory stake in Zimplats for cash at an independently determined fair value to broad-based indigenous Zimbabwe groupings.
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“Management remain in negotiations with the government of Zimbabwe to finalise the agreed plan,” Gilmour said.
Gross platinum production for the platinum group also declined by 46% to 230 000 ounces for the quarter compared with the corresponding period a year ago due to a job action at its Rustenberg unit. “The strike resulted in significantly lower production at Impala Rustenburg while a reduction of third party ounces impacted Impala Refining Services (IRS),” the report added.
“While both palladium and rhodium were similarly affected, the effect on nickel was mitigated by the processing of nickel sulphate stocks.
“Platinum production in matte rose by 7% to 45 000 ounces in line with the corresponding increase in tonnes milled to 1,07 million.
“The Phase 2 expansion project remains on schedule to increase production to 270 000 ounces of platinum in FY2014.”
