Zimbabwe-based miner Zimplats has reported that output of platinum group metals fell during the third financial quarter.

Announcing results for the three months to the end of March, the company said output of 4E (platinum, palladium, rhodium and gold) metal in concentrate fell from just under 93,000 oz in the previous quarter to little over 89,000 oz.

It also said 4E metal sales dipped from above 90,000 oz to just over 85,000 oz quarter-on-quarter.

Zimplats, which is 87 per cent owned by Impala Platinum, is Zimbabwe's largest producer of platinum.

Milled tonnage was lower than last quarter as both concentrators undertook five-day maintenance shut downs, the firm said.

"Metal production and sales volumes were lower than the previous quarter reflecting the lower milled tonnage as well as lower smelter running time as a result of a seven-day maintenance shut down," Zimplats reported in a statement.

Chief finance officer Patrick Maseva-Shayawabaya told Reuters, however, that the company would hit its target of 180,000 oz this year and maintain this until 2013.

Meanwhile, the news provider reports that Zimplats will soon conclude talks with the Zimbabwean government on legislation forcing foreign mining firms to surrender 51 per cent of shares to local black investors.

Despite the drop in production, the company reported a 15 per cent increase in operating profits, largely off the back of a significant rise in platinum prices.

Sources:

UPDATE 1-Zimplats to conclude local ownership talks soon (28/04/11)


Impala Platinum Zimbabwe Unit Profit Jumps 15% on Metals Gain (29/04/11)

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