Published: 03 March 2014

Profits of Impala Platinum Holdings-owned Zimplats jumped 237% to R246m for the interim period to February 2014.

As a result, Zimplats contributed 28.6% to Impala’s total profits.

Impala CEO Terence Goodlace said the group benefited from higher volumes at Zimplats as the Phase 2  expansion project ramped up.

Management said the project is well on track and the Zimbabwe unit will reach the target of 270 000 ounces of platinum in the 2015 financial year.
 
Tonnes milled at Zimplats increased 36.7% as Mupfuti mine (Portal 3) ramped up production.

Head grade declined by 2.5%, but there was a significant increase in platinum in matte production of 58.0%. This was on the back of the ramp-up of the Phase 2 expansion.

Unit costs benefited from increased volumes and declined by 19.5% in dollar terms. This was also impacted by the weak rand/dollar exchange rate.
 
Zimplats contributed 115 000 oz to the group's refined platinum production, while fellow Zimbabwean unit Mimosa contributed 51 000 oz out of the group total of 667300ozs.

Zimplats had the lowest cash costs but highest expansion capital.

In the outlook, management said it expected to engage positively with the Zimbabwean government about indigenisation and beneficiation.

- fin24

You might also want to read this

• Zimplats records slump in production
• Government mulls incentives for Zimplats
• New mining status costs Zimplats
• Mnangagwa's crony gets Zimplats claims
• Zimplats hands over 24,000 hectares to govt
• Zimplats to lease claims to ranchers
• Zimplats up scales CSR
• Zimplats profits up as platinum prices firm
• Implats challenges Zimbabwe listing orders
• Zimplats says local listing won't work