Zimplats has confirmed that its total pgm output in concentrate edged up during the second quarter of 2010.

The company, which is a subsidiary of Impala Platinum, revealed that output in concentrate hit 95,144 oz, up from 93,845 in the previous three-month period.

In addition, the latest production figures showed that the firm mined 967,000 tonnes of ore in Q2, which was an improvement of five per cent on a quarter-on-quarter basis.

Zimplats also announced that it has now commenced work on its $500 million Ngezi Phase Two expansion project, having secured the required funding arrangements.

The programme had been placed in doubt amid ongoing uncertainty about changes to black economic empowerment regulations in Zimbabwe.

Although foreign-owned miners had originally been required to sell at least a 51 per cent stake to local companies, the coalition government has now concluded a review into the law.

The new approach will see the appointment of sectoral committees, which will be tasked with recommending minimum shareholdings in certain sectors and the timeframe for companies to meet the regulations.

Zimplats is also hoping the Ngezi project will be boosted further in the near future by the return of a $34 million debt owed to it by the Reserve Bank of Zimbabwe.

Impala Platinum is the world's second-largest producer of platinum.

Sources:



Zimplats ore mined up 5 pct in Q2, revenue down (30/07/10)



Low sales harm Zimplats revenue (31/07/10)

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