Zimplats in record profit

On operations, the group achieved a record ore production of 7 million tonnes in FY2017 compared to 6.6 million tonnes in the previous year which the company said was made possible by the redevelopment of Bimha Mine, which contributed production of 916 000 tonnes (FY2016: 442 000 tonnes).

Zimplats said it was scaling down production at Ngwarati and Rukodzi mines as planned as Bimha and Mupfuti mines ramp up to design capacities.

A total 6.7 million tonnes of ore were milled in the year compared to 6.4 million tonnes milled in the previous period and this was largely due to good plant running time achieved over the year and improved ore supply from the mines but production of platinum in converter matte decreased by 2 percent to 262 871 ounces in line with the decrease in furnace throughput.

In terms of capital projects, the Ngezi Phase 2 expansion project is now complete with total expenditures to date, including commitments, of $458 million as at 30 June.

The Selous Metallurgical Complex Base Metal Refinery refurbishment project remains constrained by cash flow challenges arising from depressed metal prices, the company added.

The total project expenditure as at 30 June 2017 was $23.4 million.-The Source

(94 VIEWS)