ZIMPLATS Holdings Limited posted a 32% increase in ore mined for the first quarter of this year compared to the prior period last year.
BY VICTORIA MTOMBA
During the first quarter of this year 1 639 tonnes of ore were mined, while 1 244 tonnes were mined in the same quarter in 2015.
Tonnes of ore milled were also up 30% to 1 646 tonnes from 1 263 tonnes in 2015 same quarter.
“The volume of ore milled was 9% higher than the previous quarter, largely due to the full operations of the mills, which were affected by periodic shutdowns for the relining of both the Ngezi and SMC concentrators in the previous quarter, ” the company said in a statement.
Revenue for the group during the quarter stood at $138 million indicating a 26% increase compared to 2015 quarter of $110 million.
The platinum miner posted a 1% increase in profit after royalties at $6,71 million for the quarter ended March 2016 from $6,76 million in the same period last year.
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For the December quarter the company posted a loss of $1,79 million.
“Revenue increased by 44% from the previous quarter mainly due to the export of stockpiled concentrates and a 6% increase in 4E converter matte sales volumes. Operating costs increased by 28% in comparison to the previous quarter due to the increase in sales volumes. Royalties increased by 41% from the previous quarter in line with the increase in revenue,” the company said.
Platinum prices during the quarter under review were $914 per ounce down by 23% from $1 194 per ounce.
The company said it has spent $13,6 million on the refurbishment of the Selous Metallurgical Complex base metal refinery project and $9,5 million was committed as at March 2016.
Zimplats said it has submitted a new indigenisation implementation plan to government and would be engaging further with authorities.
