ZIMBABWE Platinum Mines (Pvt) Limited (Zimplats) recorded a loss after royalties of $32,5 million for the quarter ended June 30 from a profit of $6,7 million in the previous quarter attributed to a decline in sales volumes and a drop in metal prices.
BY VICTORIA MTOMBA
The platinum company’s turnover decreased by 41% to $64,6 million during the period compared to $110,2milion in the quarter ended March. This was as a result of a 35% decrease in 4E (platinum, palladium, gold and rhodium) sales volume and a drop in metal prices.
During the period under review platinum prices were 6% down to $1,127 per ounce from $1,194 in the quarter ended March 31.
In a statement, Zimplats said the open pit operations which started producing ore in April 2015 was operating at the design capacity of 830 000 tonnes per annum.
“Ore mined increased by 19% from the previous quarter largely as a result of 105 693 tonnes mined from the open pit operation as well as a general increase in production from the underground mines,” the company said.
Zimplats said redevelopment work at Bimha Mine was progressing well with 87 000 tonnes mined from the access drives and access points in the quarter.
The project is on schedule to reach full production in April 2018.
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The overall 4E head grade was unchanged from the previous quarter despite lower grades from the opencast mining area
Ore milled increased by 13% due to improved ore supply and as a result 4E metal in concentrate production increased by 12% from the previous quarter.
The 4E metal recovery rate deteriorated marginally by 1% from the previous quarter due to the reduction in mass pull to align the concentrate volumes produced with the existing smelter capacity.
Zimplats said development of Mupfuti Mine to full production after implementation of the new pillar design was progressing well and targeted for completion in 2018.
