Fin24

Zimplats profit soars on platinum prices

2012-04-30 17:34

Harare - Impala Platinum Holdings [JSE:IMP] Zimbabwe unit Zimplats reported a 170% jump in third-quarter profit on Monday, buoyed by higher platinum prices.

Zimplats said January to March operating profit rose to $52m from $19m the previous quarter. Revenue, at $128m, was 32% higher than the last quarter.

The company said production dropped by two percent to 90 557 ounces after an illegal strike by some workers and electricity cuts, which affected operations at the mine's platinum matte furnace.

A planned maintenance shutdown reduced ore milled by 4% to 1.1 million tonnes.

Implats, which owns 87% of Zimplats, said in March it had agreed to a deal that would see it comply with Zimbabwe's requirement that 51% of shares in Zimplats be held by locals.

Comments
  • Lerato - 2012-05-01 07:00

    \deal that would see it comply with Zimbabwe's requirement that 51% of shares in Zimplats be held by locals.\ Wow !!!

  • Nicholas - 2012-05-01 10:38

    Own by locals? you mean by Mugarbage and his henchmen, they are the ones rubbing their hands together ...but my understanding was that they had to purchase that 51% share? The fact that that has all gone quite tells me that Zimplats has probably caved in and handed it over as per orders from the Chief?

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