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Mimosa revenue rises to $272mln on record production, platinum miners get Zimbabwe tax reprieve
12/08/2015 00:00:00
by The Source

MIMOSA Platinum Mine’s revenue for the full-year to June rose five percent to $272 million as it delivered all time record production of over 236,000 ounces of platinum group metals.

Bermuda-headquartered platinum miner, Aquarius Platinum said 4E production at its 50 percent owned Zimbabwe unit was higher at 236,067oz from 221,359oz in the previous year.

Platinum output for the year stood at 117,355oz, compared to 110,158oz. For palladium, output increased to 92,705oz from 87,037oz.

About 118,033 PGM ounces were attributable to Aquarius, with 50 percent partner Impala getting an equal share.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) profit attributable to Aquarius stood at $42 million but the mine suffered a net loss before tax of $5 million after discounting $29 million (on a 50:50 basis) owed by the Reserve Bank of Zimbabwe.

“In view of the difficulty in reliably estimating the time frame to secure full settlement of the RBZ debt, Aquarius has recognised a non-cash expense of $28,5 million in the share of loss from joint ventures, equal to its share of the full amount of the RBZ receivable,” Aquarius said in the financial results released on Wednesday.

South Africa’s Implats Platinum holds the other 50 percent in the platinum miner.

The seven percent increase in production and lower unit costs, which were down by nine percent, helped mitigate the five percent fall in the average PGM basket price, it added.

Aquarius noted that at the release of the financials, the deferral of the 15 percent export tax in Zimbabwe had not been formalised and as a result, had accrued $4,5 million for the year.

The company said it had received a dividend of $20 million from Mimosa and that the mine had cash holdings of $10 million as at June 30.

The mine also paid $3 million to the Zvishavane Community Share Ownership Trust in the year.


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