Zim asks court to compulsory acquire Zimplats land

Zim asks court to compulsory acquire Zimplats land
Published: 02 August 2017
Zimbabwe has filed a court application to enforce a previous notice to seize more than half of platinum producer Zimplats' mining land, the company said on Wednesday.

Zimplats, which is majority controlled by Impala Platinum in January said President Robert Mugabe's government had made a fresh bid to compulsorily acquire 27,948 hectares of its mining ground, which the company opposed.

Zimplats announced that revenue for the quarter to end-June 2017 increased by 9% to $143.59m, compared to $131.26m in the prior quarter.

In its quarterly update, Zimplats said revenue growth was mainly due to the 16% increase in 4E metal sales volumes.

"The growth was however partly offset by a general decrease in metal prices," said Zimplats.

Platinum prices for the quarter were down 4% to $941 against $981 in the quarter to March.

Profit from operations after royalties decreased by 28% to $30.3m from $42.2m reported in the previous quarter.

The platinum miner saw tonnes mined increasing by 10% to 1.86 million tones from the previous quarter’s 1.68 million tonnes due to an extra nine operating days in the quarter.

"Production in converter matte for the period under review increased 17% to 158 898 ounces compared to 135 831 ounces during the previous quarter," said Zimplats, adding that this was largely due to increased milling throughput.

Meanwhile, Zimplats said a total of $36m has been spent on the redevelopment of Bimha mine which remains on schedule to reach full production in April 2018. This is against an approved total project budget of $92m.

The miner is also developing Mupani mine, which is the replacement mine for Ngwarati and Rukodzi. Zimplats is targeting ore contact at Mupani by May 2020 and full production in August 2025.
- online
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