ZIMBABWE Platinum Mines Private Limited ore mined increased by 42% to 1 641 tonnes for the quarter ended December 2015 from 1 152 in the comparable period in 2014 as it ramps up output.
BY VICTORIA MTOMBA
Ore mined increased by 1% in December 2015 compared to 1 625 tonnes in September 2015.
“Ore mined increased by 1% from the previous quarter, mainly due to the 12 800 tonnes increase in ore mined from the open pit operation. Production from the underground mines was largely unchanged from the previous quarter,” the company said.
In a statement accompanying its financial results for the quarter ended December 31, 2015, Zimplats said the overall 4E head grade increased by 1% from the previous quarter due to better grade performance at Bimha and Mupfuti mines.
Volume milled in the quarter ended December decreased by 7% from the previous quarter due to lower operating time, as the mills for the two concentrators were relined during the quarter. This resulted in 4E metal in concentrate produced decreasing by 7% compared to the previous quarter, it said.
Revenue during the quarter under review declined by 11% from the previous quarter to $96 million from $108 million September 2015 due to the drop in metal prices compounded by a 2% decrease in 4E sales volume.
The company recorded a loss from operations after royalties of $1,8 million compared $5,9 million profit in September. During the period under review platinum prices were down by 8% compared to the September quarter at $907 per ounce.
The company said the redevelopment of Bimha mine was on schedule and full production is planned for April 2018.
Zimplats said it was considering the implications of the recently announced indigenisation guidelines issued in January.
“The company is presently considering the implications of these guidelines on the sale of the 10% stake in the operating subsidiary to the ESOT (employee share ownership trust). The company will be engaging the government further on the matter,” it said.