Zim­plats Q3 out­put up 6%

Chronicle (Zimbabwe) - - Front Page - Se­nior Busi­ness Reporter

ZIM­BABWE’s largest plat­inum miner, Zim­plats, recorded a six per­cent in­crease in tonnes milled to 1 659 000 dur­ing the third quar­ter ended March 31, 2018, against 1 567 000 tonnes in the com­pa­ra­ble pe­riod last year.

In its pro­duc­tion re­port for the pe­riod ended March 31, 2018, Im­plats, the par­ent com­pany for Zim­plats, said its Zim­bab­wean sub­sidiary dur­ing the pe­riod un­der re­view posted a pleas­ing op­er­a­tional per­for­mance.

“Tonnes milled in­creased by six per­cent dur­ing the quar­ter to 1 659 000 tonnes, com­pared to 1 567 000 tonnes in the prior cor­re­spond­ing pe­riod.

“The mill grade was largely main­tained dur­ing the pe­riod at 3,48g per tonne (6E), which re­sulted in plat­inum pro­duced in con­cen­trate in­creas­ing by five per­cent to 69 000 ounces, com­pared to 65 000oz in the prior cor­re­spond­ing pe­riod,” said Im­plats in the re­port.

It said mill through­put over the nine-month pe­riod ended March 31, 2018, im­proved by two to 4 992 000 tonnes, com­pared to 4 872 000 tonnes in the prior cor­re­spond­ing pe­riod. “Plat­inum pro­duced in con­cen­trate dur­ing this pe­riod sim­i­larly im­proved by two per­cent to 208 000 ounces from 204 000 ounces in the pre­vi­ous com­pa­ra­ble pe­riod,” it said.

Im­plats in­di­cated that the full-year pro­duc­tion guid­ance for the op­er­a­tion is main­tained at 255 000 to 265 000 ounces plat­inum in con­cen­trate but is ex­pected to be near the top end of the guided range. Dur­ing the quar­ter un­der re­view, Zim­plats’ rev­enue de­creased by 14 per­cent from the pre­vi­ous quar­ter mainly due to the 16 per­cent de­crease in the vol­ume of 4E metal sold, which was partly off­set by the im­prove­ment in metal prices (gross rev­enue per 4E ounce in­creased by two per­cent from $1 078 to $1 104). The group would not back up the rev­enue drop with sta­tis­tics.

It said net op­er­at­ing costs de­creased by 35 per­cent com­pared to the pre­vi­ous quar­ter as a re­sult of de­crease in 4E sales volumes, lower sell­ing ex­penses (pre­vi­ous quar­ter sell­ing ex­penses were higher due to the ex­port of con­cen­trates) and the recog­ni­tion of $9,8 mil­lion in re­spect of trea­sury bills re­ceived in set­tle­ment of in­ter­est on the $34 mil­lion Re­serve Bank of Zim­babwe ad­vance.

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