Zimplats profits rise

Zimplats, the Zimbabwe unit of world number two platinum producer Impala Platinum (Implats), saw its revenues for the July-September period rise by 16 percent, the company has announced.

Tonnes mined also increased by six percent from the previous quarter.

"Tonnes mined increased by six percent from the previous quarter following the introduction of two production fleets at the Mupfuti Mine in the quarter," the company said on Thursday.

Zimplats is Zimbabwe's biggest mining company and operates the massive Ngezi complex. The company has had to ride strong headwinds and in January Implats agreed to sell a majority stake in the firm to local investors under the country's controversial indigenisation programme.

In a statement accompanying its July-September results, Zimplats said Zimbabwe's new indigenisation minister Francis Nhema would review the agreement as well as discuss Harare's plans to repossess half of the company's mining claims.

Image: © Zimplats

Copyright is owned by Africa Outlook and/or Outlook Publishing. All rights reserved.