Harare – PGMs producer Zimplats Holdings’ (Zimplats) revenue for the quarter ended December 31, 2018 increased by 10 percent to $152 934 000 from $138 910 000 in the previous quarter attributed to an increase in metal prices.
The metals which Zimplats mines are platinum, palladium, rhodium, gold and nickel.
According to the report, platinum prices increased by US$823 per oz from US$779 per oz in the previous quarter. Palladium price increased to $US1 156 per oz from US$954 per oz, gold rose to US$1 228 per oz from US$1 173 per oz whilst rhodium price slightly fell to US$2 457 per oz from US$2 486 per oz. Nickel which is sold per tonne also slightly fell to US$11 469 from $11 484.
However, the revenue increase was 17 percent down compared to the same period in the prior year.
Net operating costs decreased by 14 percent to $82 639 000 compared to $95 787 000 the previous quarter mainly due to the decrease in sales volumes and an increase in export incentive.
In the period under review royalty and commission expenses increased by 13 percent to $6 482 000 from $5 721 000 the previous quarter due to the increase in sales revenue, driven mainly by palladium and gold.
Cash cost per 4E ounce increased by 7 percent to $649 from $609 the previous quarter mainly due to the decrease in metal production volumes.
The net cash cost per 4E ounce increased by 9 percent to $520 from $477 from the previous quarter due to the 5 percent and 2 percent decrease in production and by-product revenue, respectively.
During the period, amortisation and depreciation cost per 4E ounce decreased by 20 percent to $115 from $144 the previous quarter mainly due to the decrease in depreciation expense arising from the annual review of estimated useful lives of some assets in the previous quarter.
Gross revenue per 4E ounce increased by 19 percent to $1 173 from $985 the previous quarter largely due to the increase in the prices of platinum, palladium and gold.
Zimplats said total direct and indirect tax payments to the Government of Zimbabwe increased to US$16 million from the US$13 million reported in the previous quarter.
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