Zimplats sees significant H1 fall
JOHANNESBURG (miningweekly.com)–Overpowered by the impact of lower metal prices, JSE-listed platinum miner Zimplats has reported net cash inflows of $6.5-million for the period ended December 31, 2015 – a significant decrease from the $107-million recorded during the same period last year.
Cash operating cost per platinum ounce produced decreased to $1 235, down 17% compared with the same period in the prior year, owing to the adoption of stringent cost management measures following the metal price collapse.
Consequently, profit before income tax for the period amounted to $0.6-million – 88% lower than the $4.7-million achieved in the same period last year, largely owing to the drop in metal prices.
Revenue for the half-year decreased to $20.4-billion, down by 12% year-on-year, despite the increase in sales volumes. The gross revenue per platinum ounce of $1 591 for the half-year was 30% lower than the $2 265/oz reported for the corresponding period.
The $18.5-billion in cost of sales was 14% higher than the same period last year when it was $16.2-billion. Gross profit margins narrowed from 30% achieved in the prior period to 9% in the reported half. This was partly offset by the impact of price reductions achieved on consumables and procurement contracts.
Royalty and commission expenses totalling $5.1-million were reported for the half-year ended December 31, 2015 – 72% lower than the $17.8-million reported for the same period last year.
Platinum and 4E metal production for the half-year stood at 130 342 oz and 262 749 oz respectively, a 27% and 26% respective increase on the same period last year owing to higher mill throughputs.
Zimplats declared a dividend of $13-million for the year, though no dividend had been proposed for the half-year ended December 31, 2015.
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