Home » Education » ZIMPLATS REBOUNDS WITH 16.2 MLN USD NET PROFIT IN H2 2016

HARARE, Zimbabwean platinum miner, Zimplats, has rebounded to register a 16.2-million US dollar net profit for the half-year ending December 2016, recovering from a 617,000 USD loss in the comparable period the year before.

The company, a subsidiary of South Africa-based Impala Platinum (Implats), announced on Thursday that the return to profitability followed a 16 per cent jump in revenue to 238 million USD after metal prices firmed and sales improved.

"Platinum ounces sold increased by four percent to 133,937 ounces compared with same period the previous year," said chief executive Alex Mhembere.

The rebound saw earnings per share jumping to 15 cents from a one cent loss in the prior comparable period.

Zimplats earned 6.6 million USD from the recently established export incentive scheme that the Reserve Bank of Zimbabwe (RBZ) introduced to promote exports.

Platinum and 4E metal production for the half year was up four per cent to 135,824 ounces and 273,905 ounces from 130,342 ounces and 262,749 ounces respectively due to higher mills throughput.

This was after the group ramped up production at its Bimha and Mupfuti resulting in a four per cent increase to 3.47 million tonnes. "Tons milled increased by six per cent to 3.21 million tons compared to the same period last year in line with improved ore supply," the firm said.

The group invested 25.1 million USD in capital expenditure, marginally down from 27.2 million USD in the comparable period.

Source: NAM NEWS NETWORK

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