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Low international prices hit Zimplats earnings

Harare - Low international prices saw Impala Platinum's [JSE:IMP] Zimbabwe-based unit Zimplats report a 41% decrease in revenue for the quarter ended June 30 2015, despite a surge in ore mined.

In its quarterly update, the miner said revenue for the period fell 41% to US$64.6m from the previous quarter’s $110.2m, due to a 35% drop in 4E (platinum, palladium, rhodium and gold) sales volume and a decline in the metal price.

In the quarter to June, Zimplats sold only 68 255 ounces, a 48% drop from the 130 557oz sold in the prior comparative year.

The average price for platinum during the June quarter was $1 127, a 22% drop from prior year and a 6% fall from the price achieved in the March 2015 quarter.
 
Zimplats however managed to lift production, with ore mined rising by 19% from the previous quarter largely as a result of 105 693 tonnes mined from the open pit operation as well as a general increase in production from the underground mines.

Meanwhile the company said during the quarter local spend in Zimbabwe, excluding payments to government and related institutions, increased 24% to $46m.

"Total payments to government in direct and indirect taxes decreased 18% to $7m compared to the previous quarter, mainly due to a reduction in royalties in line with lower sales revenue," said Zimplats.

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