Drilling underground
at the Zimplats Ngezi
platinum mine
Harare, Zimbabwe — 03 May 2012 – Zimplats “’ the 87%-held Zimbabwean member of Impala Platinum Holdings, the second-biggest platinum producer in the world “’ has reported a 170% jump in third-quarter profit, buoyed by higher platinum prices.

In a report quoting Reuters, Fin24 quotes a statement released here in which Zimplats said that January to March operating profit had risen to US$52 million from $19 million the previous quarter. Revenue, at US$128 million, was 32% higher than the previous three months.

The company also revealed that production had dropped by 2% to 90 557oz after an illegal strike by some workers, and electricity cuts which had affected operations at the mine’s platinum matte furnace. A planned maintenance shutdown had reduced ore milled by 4% to 1.1Mt.

Impala Platinum said in March that it had agreed to a deal that would see it comply with the Zimbabwe government’s requirement that 51% of shares in Zimplats be held by locals.

Source: Fin24. For more information, click here.