Zimplats Mines 7 Million Tonnes Platinum Ore

Platinum mining giant, Zimplats has improved its mining capacity which saw the company extracting a record 7 million tonnes of ore for the year ended June 2017 compared to 6.6 million tonnes during the comparable period in 2016.

According to the Group Chairperson, Fholisani Sydney Mufamadi, platinum production for the year ended 30 June 2017 stood at 281 069 ounces, a 3% decrease from the 290 410 ounces reported in 2016.

“Bimha Mine redevelopment remains on course to reach design production in April 2018.

“The development of Mupani Mine (replacement mine for Rukodzi and Ngwarati mines which will be depleted in FY2022 and FY2025 respectively) was approved by the board and commenced during the year and is progressing according to plan in terms of both time and cost.

“Ore milled increased by 4% to a record 6.7 million tonnes as compared to 6.4 million tonnes that was recorded in 2016.

“Platinum production for the year at 281 069 ounces decreased by 3% from the 290 410 ounces reported in 2016,”said Mufamadi.

He added that while metal prices have remained low, good financial results were recorded for the year mainly due to the excellent production performance.

“The FY2016 metal production included metal realized from the sale of concentrate stockpiled during the furnace shutdown in FY2015.

“While metal prices have remained low, good financial results were recorded for the year mainly due to the excellent production performance, the RBZ’s export incentive scheme and the disposal of treasury bills issued by the Government of Zimbabwe in settlement of the debt owed to the operating subsidiary by the RBZ.

“Payments to the government in respect of corporate tax, additional profits tax, royalties, payroll taxes and customs duties for the year increased from US$62 million in FY2016 to US$86 million.

“However, metal production and metal sales volumes were lower than the previous year which benefited from the sale of concentrates stockpiled during the planned furnace shutdown in FY2015.

“The financial results for the year under review were better than what was achieved in the previous year due to a slight improvement in average metal prices; proceeds from the disposal of treasury bills issued by the Government of Zimbabwe in settlement of the previously written off US$34 million debt owed by the Reserve Bank of Zimbabwe (RBZ); and export incentive received from the RBZ,” said Mufamadi.

 

Comments

%d bloggers like this: