RSS 2.0 FeedFebruary 2010 vol 6, Business , Financial and Property Indaba
Zim platinum miner reports US$28m profit
Economy - Zimbabwe Platinum Mines (Zimplats), the country's biggest producer of the mineral, said Monday it made an after-tax profit of US$28 million in the interim period to 30 Dec. 2009, reversing a loss of the same amount in the first half of the year.
It said the profit could have been higher had it not provided US$23.5 million for a tax claim it is facing from the country's revenue authorities.
Zimplats, which is controlled by South Africa's Impala Platinum Holdings, said production in the interim period increased by 75 percent to 163,490 ounces.
It said its performance was also helped by the recovery of platinum prices on the international markets.
"Metal prices improved during the period spurred by moderate levels of economic recovery recorded in most economies, as well as renewed appetite for platinum group metals investment products," the company said.
