Business / Companies
Zimplats in $74 million loss
01 Sep 2015 at 02:00hrs | Views
The country's largest platinum producer, Zimplats recorded a $74,3 million loss after tax for the year ended June 30 2015, a 177 percent drop from $97,1 million for the previous year.
This was after the company took a 314 percent hit in tax amounting to $130,5 million due to the impact of two court judgments.
Revenue for the period under review decreased by 29 percent to $408 million mainly due to a 20 percent reduction in platinum, palladium, rhodium and gold sales volumes, Zimplats, which is 87 percent owned by Impala Platinum Holdings said.
Production of platinum group metals declined to 381 849 ounces from 477 905 ounces in the previous year.
Meanwhile, Hwange Colliery Company Limited expects to increase its coal output to 450 000 per month by year end from the current 150 000 tonnes boosted by the new equipment the company recently commissioned.
In June, the company commissioned mining equipment worth more than $30 million in an effort to increase the coal output which had gone down to 150 000 per month as a result of operational challenges caused by obsolete equipment.
Hwange board chairman, Farari Mutamangira said that coal output was on the increase after the commissioning and fixing of the equipment which was faulty.
This was after the company took a 314 percent hit in tax amounting to $130,5 million due to the impact of two court judgments.
Revenue for the period under review decreased by 29 percent to $408 million mainly due to a 20 percent reduction in platinum, palladium, rhodium and gold sales volumes, Zimplats, which is 87 percent owned by Impala Platinum Holdings said.
Production of platinum group metals declined to 381 849 ounces from 477 905 ounces in the previous year.
Meanwhile, Hwange Colliery Company Limited expects to increase its coal output to 450 000 per month by year end from the current 150 000 tonnes boosted by the new equipment the company recently commissioned.
In June, the company commissioned mining equipment worth more than $30 million in an effort to increase the coal output which had gone down to 150 000 per month as a result of operational challenges caused by obsolete equipment.
Hwange board chairman, Farari Mutamangira said that coal output was on the increase after the commissioning and fixing of the equipment which was faulty.
Source - the herald
