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(NEWZIMBABWE) Zimplats profits up 170 percent

Zimplats profits up 170 percent
30/04/2012 00:00:00
by Reuters

ZIMPLATS reported a 170 percent jump in third-quarter profit on Monday, buoyed by higher platinum prices. Zimplats said January to March operating profit rose to $52 million from $19 million the previous quarter. Revenue, at $128 million, was 32 percent higher than the last quarter.

The company said production dropped by two percent to 90,557 ounces after an illegal strike by some workers and electricity cuts, which affected operations at the mine's platinum matte furnace.

"In addition, the operations were put under power load shedding from 9 March to 23 March 2012 resulting in the furnace operating at less than half its capacity," the company said in a statement.
A planned maintenance shutdown reduced ore milled by 4 percent to 1.1 million tonnes.

Implats, which owns 87 percent of Zimplats, said in March it had agreed to a deal that would see it comply with Zimbabwe's requirement that 51 percent of shares in Zimplats be held by locals.

"The 51 percent Indigenisation Plan for the operating subsidiary, Zimbabwe Platinum Mines (Private) Limited, was agreed in principle with the Government of Zimbabwe," the company said.

"Discussions are now on-going regarding finalisation of an implementation plan."

Labels: IMPALA PLATINUM, PLATINUM, ZIMPLATS

posted by MrK @ 5:22 PM