Business / Companies
Zimplats operating profit declines
05 Aug 2013 at 05:35hrs | Views
Zimbabwe's largest platinum miner, Zimplats, has recorded a 66% decline in operating profit to $22.5 million in the second quarter ended June 31, 2013 due to a drop in sales and a decrease in metal prices.
Zimplats, according to the group's quarterly financial report, recorded a revenue decrease of 26% to $125.9 million from $169.3 million during the previous quarter. Operating costs remained unchanged at US$103 million during the quarter.
Mining production improved by 2 percent to about 1,23 million tonnes from the previous quarter. The amount of ore milled rose by a third to 1,4 million tonnes, Zimplats said.
The Ngezi Phase II concentrator was successfully commissioned in the quarter and has achieved design capacity.
Consequently, ore milled and metal in concentrate production were increased by 34 percent and 31 percent from the previous quarter respectively.
Development of the new underground mine (Mupfuti) remains on schedule to reach full production in early 2015.
Zimplats, according to the group's quarterly financial report, recorded a revenue decrease of 26% to $125.9 million from $169.3 million during the previous quarter. Operating costs remained unchanged at US$103 million during the quarter.
Mining production improved by 2 percent to about 1,23 million tonnes from the previous quarter. The amount of ore milled rose by a third to 1,4 million tonnes, Zimplats said.
The Ngezi Phase II concentrator was successfully commissioned in the quarter and has achieved design capacity.
Consequently, ore milled and metal in concentrate production were increased by 34 percent and 31 percent from the previous quarter respectively.
Development of the new underground mine (Mupfuti) remains on schedule to reach full production in early 2015.
Source - herald
