- February 9, 2021
- Posted in NEWS
Zimbabwe largest platinum producer, Zimplats spent half a MILLION on exploration projects during the quarter ended 31 December 2020 while nearly a million was committed.
By Rudairo Mapuranga
The platinum giant, spent US$1,2 million in exploration activities during the quarter ended September 30, 2020, more than 100 percent more than the money used in the quarter ended 31 December 2020.
“A total of US$0.5 million was spent on exploration projects and US$0.9 million was committed,” the company said.
Zimplats reported that ore mined decreased by 3 percent from the previous quarter mainly due to a production fleet transferred from Rukodzi Mine, a higher productivity mine, to the lower productivity Mupani Mine which is under development.
6E metal (Platinum, Palladium, Gold, Rhodium, Iridium and Ruthenium) production in the final product increased by 3 percent from the previous quarter due to a 1 percent increase in milled throughput and 1 percent increase in concentrators recovery rate.
6E metal production in final product increased by 26 percent from the quarter ended 31 December 2019. 6E metal production in the final product for the quarter ended 31 December 2019 was affected by an increase in concentrate stocks and the build-up of inventory in the furnace on start-up after the 122-day major rebuild shutdown.
Total operating cash costs increased by 1 percent from the previous quarter mainly due to local government rates and computer software licence fees which are paid bi-annually.
A total of US$1.8 million was transferred from operating costs to closing stocks during the quarter compared to US$5.6 million in the previous quarter. This was due to the 3 percent decrease in tonnes of ore mined and 1 percent increase in the volume of ore milled. There was no build-up of concentrate stocks in the quarter.
Consequently, operating cash costs per 6E ounce increased by 2 percent from the previous quarter.