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Zimplats profits up 164 percent to $50m
31/07/2014 00:00:00
by Business Reporter
 
 
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THE country’s top platinum producer, Zimplats, recorded a 164 percent rise in profit to $50 million in the fourth quarter to June as production and revenue rose, the company said on Wednesday.

Zimplats is 87 percent owned by the world's second largest platinum producer Impala Platinum, which is recovering from a five-month wage strike that hit its main South African operations last year.

Revenue increased by 21 percent to $1266,7 million from the previous quarter, due to a 14 percent increase in 4E sales volumes, 6 percent increase in gross revenue per 4E ounce and 26 percent increase in nickel prices, the company said.

As a result, operating profit increased by 39 percent from the previous quarter to US$50 million. The cash cost per ounce was 15 percent lower than the previous quarter due largely to higher metal production.

The company’s local spend, excluding payments to government and related institutions, increased by 25 percent to US$63 million in the quarter.

Total payments to Government both in direct and indirect taxes at US$19 million were marginally lower than the previous quarter at US$ 20 million.

Over the 12 year period from 2002, Zimplats has paid a total of $466 million to government in the form of corporate tax, royalties, customs duty and employee tax, while spending $1,225 billion on capital expenditure to expand and maintain operations.

The company said it has also spent $1,348 billion on operating expenses since 2002.

CEO Alex Mhembere said the company was working closely with government to bring Zimplats’ indigenisation programme to closure after its initial agreement, penned in 2012 ran into implementation problems.

He said the employer share ownership scheme, to which 10 percent was allocated, while a community share ownership scheme with a similar shareholding, was already being implemented after the company fully paid its $10 million pledge.

“There are other elements of the 31 percent (allocated to the state’s indigenisation fund) that are currently under review in discussion with government. We are positive that we will find a solution on those matters and that we should be fully compliant as soon as possible,” he said.



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