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JOHANNESBURG (miningweekly.com) - Zimplats, a unit of South Africa's Impala Platinum, posted half-year after-tax profit of $28-million, compared with a $26-million loss in the comparative period, as production increased and metal prices improved.
Zimplats increased 4E (platinum, palladium, rhodium and gold) production by 75% to 163 490 oz in the six-months ended December 31.
"Metal prices improved during the period spurred by moderate levels of economic recovery recorded in most developed economies, as well as renewed appetite for platinum group metals investment products," the Zimbabwe-focused miner said in a statement to the ASX.
Zimplats reported operating profit of $59-million, compared with the previous period's loss of $28-million, but after tax profit came in much lower, as the company had to provide for $23,5-million after Zimbabwe's revenue authority dismissed its objection to an additional profits tax assessment.
The tax charge for the period amounted to $31-million.
The company's operating costs surged by 45% in the half-year period, on the back of higher production following the commissioning of the Ngezi plant, and the rand strenghtening against the dollar. It said that a significant portion of input cost is denominated in rand.
Impala Platinum will release its results on Thursday in Johannesburg.
