Loading...
See More

Mimosa Platinum sees slight uptick

Oct 15 2012 11:03 Malcom Sharara, Fin24’s correspondent in Zimbabwe

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 0
Change -2,95
% Change 0
Cumulative volume 725035
Market cap 50.87bn

Last Updated: 22-10-2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

AQUARIUS PLATINUM LIMITED [JSE:AQP]

Last traded 0
Change -0,25
% Change 0
Cumulative volume 1002555
Market cap 4.32bn

Last Updated: 22-10-2014 at 04:11. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

SA trade mission heads for Zim

Zim energy minister arrested

BAT bows to Zim indigenisation

SABMiller firm hits $1bn Zim market cap

Bank urges caution on Zim lending

Zim sees 8.9% growth in 2013

 
Harare - Mimosa Platinum Mine, jointly owned by Impala Platinum Holdings [JSE:IMP] and Aquarius Platinum [JSE:AQP], expects an annualised production of 204 000 ounces in the current financial year, 100 000 oz of which are expected to be platinum. 
 
MD Winston Chitando told a media tour on Friday that there will be a slight uptick for 2013 and “a slight increase in the ounces that are sold”.
 
Chitando said pressure of the cost curve continues to affect operations just like everywhere else.

However, he could not give figures on the cash cost per ounce as these would be contained in the group’s third-quarter results.
 
Chitando said the mine has been doing feasibility studies over the last two years and would continue to pursue various expansion options.
 
Chitando said shareholders are committed to indigenisation and there has been progress in negotiations with the indigenisation ministry.
 
In terms of procurement, "reputable" local suppliers make up about 30% of approved suppliers.
 
In the last financial period, local payments amounted to $254m.

Giving the breakdown, Chitando said $24m was paid to local authorities, $105m was paid out to local supplies of which $81m was for indigenous suppliers, while the remaining $125m was paid out to government in royalties and other taxes.
 
Chitando said that operations were heavily mechanised both underground and surface at the processing plant.
 
During the tour of the plant, a mine official said that 7 400 t of ore are processed daily on a 24-hour shift. The ore is dropped from the underground shaft at around 400 mm and reduced to powder for processing.
 
The official said 97% of what would have been mined is waste and only 3% contains minerals. The finished concentrate once processed contains mostly nickel, but still has the other group metals.
 
In terms of its community and social responsibility, the mine is in the process of building its employees 1 500 homes under a housing ownership scheme. The mine has slightly over 1 800 employees.

 - Fin24

*Follow Fin24 on Twitter and Facebook
 
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...