Wednesday, 27th April 2005 (3202 views)

Zimbabwe Platinum Mines has enjoyed a rise in gold production according to the latest results in its quarterly report.

The firm reported a quarterly production of gold, platinum, palladium and rhodium of 41,622 oz.

The figures represent an increase on the previous quarter, when 40,497 oz was produced, as a number of new initiatives began to have an impact.

Chief among these was the switch to a seven-day working week, with a new shift system enabling productivity to rise.

At the firm's Ngezi plant Zimplats saw mined ore volumes surpass budgeted expectations by 13 per cent.

Zimplats also enjoyed record concentrator recovery and said that it had made progress on its efforts to restructure its financial backing.

However, Zimplats again touched on the "difficult" economic environment in Zimbabwe, with inflation remaining a problem.

"This, coupled with the managed exchange rate continues to have an adverse effect on the company's local costs and profitability," Zimplats said in its report.

 

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