Harare - Impala Platinum Holdings, the parent of Zimplats and Mimosa on Thursday announced a headline profit of R2.23bn for the six months ended December 31 2018, compared to losses of some R150m in the previous comparable period.
In a statement accompanying the Group’s financials, Chief Executive Officer Nico Muller said headline earnings per share rose to R3.10, from a loss of 21 cents per share over the previous period.
Net debt, before leases, was reduced R5.33bn at the start of the reporting period to R976m by financial half-year-end.
He said that tonnes milled from its managed operations at Impala Rustenburg, Zimplats and Marula increased 2.9 percent to 10.24 million tonnes, compared to 9.94 million tonnes for the six months ended December 31 in 2017.
“Zimplats sustained its operational performance and achieved a safety milestone of 9.75 million fatality free shifts. Tonnes milled of 3.3 million tonnes were consistent with the prior period, (H1 FY2018: 3.3 million tonnes), with all mining units delivering to plan. The current economic challenges in the country are being monitored closely.
“Marula continues to deliver an improved operational performance after ongoing efforts to sustain operational continuity.Tonnes milled increased by 1% to 955 000 tonnes (H1 FY2018: 941 000 tonnes).
“Mimosa sustained a strong production performance in line with its design capacity. Tonnes milled were maintained at 1.4 million tonnes. Gross refined platinum group metals production, meanwhile, was up 11% to 1.59 million ounces.”
In the period under review, gross platinum in concentrate production reduced by 11 percent to 775 000 ounces principally as a result of a 49 percent reduction in third‐party receipts, in line with market guidance, and as a result of a large once‐off toll‐refining contract concluded in the prior comparable period.
Gross refined platinum production for the six months improved by 10 percent to 799 800 ounces, compared to 726 700 last year assisted by the draw-down of some processing inventory during the period, compared to a build‐up following scheduled furnace maintenance in the comparable period a year ago.
Implats is a leading producer of platinum and associated platinum group metals (PGMs) structured around five mining operations and Implats Refining Services, a toll refining business.
Operations are located on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, the two most significant PGM-bearing ore bodies in the world.
Implats has a listing on the JSE Limited (JSE) in South Africa, the Frankfurt Stock Exchange (2022 US$ convertible bonds) and a level 1 American Depositary Receipt programme in the United States of America.
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