23 January 2018
Cholera: Angry minister blasts city councils
Mzembi challenges arrest; quits politics
Mudzuri: Amnesty for MDC-T cop murder 3
Mnangagwa: Grace mentally unstable
ZESA gave Chivayo $7m, not $5m: Parly
Botswana cops release Mugabe cars
Grace's luxury cars damaged in accident
Chamisa dares military chief on elections
Govt reduces excise duty on fuel
Filthy 5-Star hotels: Economy blamed
‘Am I African’ explores Zim's race conflict
Gafa’s Epworth concert draws thousands
Billiat might still leave: Sundowns coach
Katsande: Chiefs show championship mentality
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
Mimosa revenue flat, production down 8pct
28/04/2015 00:00:00
by The Source

PLATINUM miner Mimosa’s revenue for the third quarter ended March 31 remained flat at $32 million despite a six percent dip in production.

During the quarter the company achieved 57,391 PGM ounces in line with the reduced milling volumes.

South African miner Aquarius Platinum, the largest platinum producer in the world, said Mimosa recorded an EBITDA profit attributable to it of $8 million and a net profit before tax of $1,8 million for the quarter.

“Mimosa is in discussions with the authorities to have royalties deemed deductible for tax purposes.

“The tax liability relating to the non- deductibility of royalties as at March 2015 (on a 100 percent basis) was $7,7m ($4,2m prior year and $3,5m current year),” the company said in a trading update on Tuesday.

“The liability has been accrued in the financials awaiting the finalisation of negotiations with the authorities and any legislative amendments.”

For the period under review, cash held in Mimosa was $25 million.

Cash costs for the nine months to March were eight percent compared to the prior period but were two percent higher on a quarterly basis.

Costs were maintained below $800 per PGM oz for the second consecutive quarter while head grade improved slightly to 3.65 grammes per tonne.

Average PGM basket price was however seven percent lower than the previous quarter at $1,036.

Aquarius said the three platinum producers in Zimbabwe – the others are Zimplats and Unki – are continuing their engagement with the government to resolve the impasse on the 15 percent tax on the export of unrefined platinum which was introduced in January.

“Although not yet resolved Aquarius is satisfied with progress made to date and remain optimistic that the matter will be resolved in due course,” the miner said.

Mimosa is a joint venture between Aquarius and Impala Platinum (Implats).


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker