Metal prices boost Zimplats’ Dec quarter revenue

31st January 2019 By: Creamer Media Reporter

Platinum group metals miner Zimplats on Thursday reported a 5% quarter-on-quarter decrease in platinum, palladium, rhodium and gold (4E) production to 133 086 oz for the quarter ended December 31.

The decrease was the result of a 5% decrease in the volume of concentrates smelted, as a result of a routine seven-day furnace taphole inspection shutdown.

ASX-listed Zimplats’ 4E metal sales also decreased by 7% quarter-on-quarter to 130 432 oz.

Revenue, however, increased by 10% quarter-on-quarter to $152.93-million, as a result of an increase in metal prices.

Further, net operating costs decreased by 14% quarter-on-quarter.

Meanwhile, the company reported that it was making progress with the redevelopment of its Bimha mine, with installation of the north underground crusher and the ore conveyancing system completed during the December quarter.

The south underground crusher and ore conveyancing system will be commissioned in August.

Further, Zimplats said it was ahead of schedule with the development of its Mupani mine, which is expected to reach full output in August 2025.

South Africa’s Impala Platinum holds an 87% shareholding in Zimplats.