6 October 2017

Zimbabwe: Zimplats Mines 7 Million Tonnes Platinum Ore

Platinum mining giant, Zimplats has improved its mining capacity which saw the company extracting a record 7 million tonnes of ore for the year ended June 2017 compared to 6.6 million tonnes during the comparable period in 2016.

According to the Group Chairperson, Fholisani Sydney Mufamadi, platinum production for the year ended 30 June 2017 stood at 281 069 ounces, a 3% decrease from the 290 410 ounces reported in 2016.

"Bimha Mine redevelopment remains on course to reach design production in April 2018.

"The development of Mupani Mine (replacement mine for Rukodzi and Ngwarati mines which will be depleted in FY2022 and FY2025 respectively) was approved by the board and commenced during the year and is progressing according to plan in terms of both time and cost.

"Ore milled increased by 4% to a record 6.7 million tonnes as compared to 6.4 million tonnes that was recorded in 2016.

"Platinum production for the year at 281 069 ounces decreased by 3% from the 290 410 ounces reported in 2016,"said Mufamadi.

He added that while metal prices have remained low, good financial results were recorded for the year mainly due to the excellent production performance.

"The FY2016 metal production included metal realized from the sale of concentrate stockpiled during the furnace shutdown in FY2015.

"While metal prices have remained low, good financial results were recorded for the year mainly due to the excellent production performance, the RBZ's export incentive scheme and the disposal of treasury bills issued by the Government of Zimbabwe in settlement of the debt owed to the operating subsidiary by the RBZ.

"Payments to the government in respect of corporate tax, additional profits tax, royalties, payroll taxes and customs duties for the year increased from US$62 million in FY2016 to US$86 million.

"However, metal production and metal sales volumes were lower than the previous year which benefited from the sale of concentrates stockpiled during the planned furnace shutdown in FY2015.


Commonwealth Assigns Election Observer Team

The Commonwealth has assigned a team to observe Zimbabwe's forthcoming elections. Read more »

See What Everyone is Watching

Copyright © 2017 263Chat. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.