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Zimplats revenue and profit drops

Mimosa platinum
mine “’ one of the
main Zimplats
Harare, Zimbabwe — MININGREVIEW.COM — 04 November 2010 – Zimplats “’ the Zimbabwe unit of the world’s number two platinum producer Impala Platinum “’ says its revenue dipped 5% in the third quarter of 2010 due to lower metal prices and sales volumes.

Reuters reports from the Zimbabwean capital that the company’s revenue had fallen to US$110.1 million (R760 million) for the three months ended 30 September from a level of US$115.3 million (R795 million) in the previous quarter.

Operating profit for the period was US $49 million (R333 million) “’ 13% lower than the previous quarter, Zimplats revealed.

Zimplats “’ 87% owned by South African platinum miner Impala Platinum “’ said that although ore mined had been 5% higher compared with the previous quarter, metal production had been 4% lower because of a planned seven-day maintenance shutdown of its concentrator.

Operating costs were 4% above the previous quarter due to an increase in mining fleet maintenance costs, as well as the effect of the continued firming of the South African rand, the company said.