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Zimplats grows revenue on higher sales

MINING company Zimplats, which is 87% held by South Africa’s Impala Platinum (Implats), has reported an 8% rise in revenue to US$56,3 million for its third quarter, due to higher sales and stronger precious metals prices.


T

he company said on Tuesday that operating costs were up 10% to $29,5 million on the previous quarter due mainly to the higher sales volumes.


Operating profit was 6% higher at $26,8 million than the previous quarter’s $25,4 million.


Opencast ore production was 15% above the previous quarter at 322 000 tonnes.


Zimplats said this was a planned increase in order to replenish its ore stock pile. The replenishment will continue in the second quarter until a level of one month’s production is achieved, it said.


Metal sales were 17% above the previous quarter at 52 667 ounces as a result of accounting for metal in transit at the end of June.


Platinum sales rose to 25 990 ounces in the September quarter from 22 073 previously, while sales of palladium rose to 21 460 ounces from 18 654.


Gold sales grew to 2 864 ounces from 2 406 ounces, while rhodium ounces sold increased to 2 353 from 2 032 before. The company said the majority of cashflows generated are being re-invested in its expansion project. Total cost per ounce declined to $308 from $372. — I-Net Bridge.

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