Zimbabwe: High Costs Bog Down Zimplats

Harare — COSTS at the Zimbabwe Platinum Mines Limited (Zimplats) rose twice as fast as output in the third quarter, the latest report from the country's largest platinum producer shows.

Total cash costs rose to US$462 per ounce from US$401 in the previous quarter because of Zimbabwe's managed exchange rate and the doubling of amortisation and depreciation charges. This represents a 15 percent rise in costs, more than double the 6.7 percent rise in precious metals sales over the quarter.

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