{"id":13053,"date":"2012-08-01T13:53:03","date_gmt":"2012-08-01T11:53:03","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/zimplats-q4-profit-down-52-pct-on-weak-prices\/"},"modified":"2012-08-01T13:53:03","modified_gmt":"2012-08-01T11:53:03","slug":"zimplats-q4-profit-down-52-pct-on-weak-prices","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/zimplats-q4-profit-down-52-pct-on-weak-prices\/","title":{"rendered":"Zimplats Q4 profit down 52 pct on weak prices"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>By Nelson Banya<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">HARARE<\/span> Aug 1 (Reuters) &#8211; Impala Platinum&#8217;s<br \/>\nZimbabwe unit Zimplats posted a 52 percent drop in<br \/>\noperating profit in the fourth quarter to June, mainly due to<br \/>\nweaker platinum group metal prices.<\/p>\n<p><span><\/span><\/p>\n<p>In a statement released on Wednesday, Zimplats said<br \/>\noperating profit was $25 million, down from $52 million in the<br \/>\nprevious quarter as metal prices were depressed during the<br \/>\nperiod while operating costs rose 17 percent in line with higher<br \/>\nsales volumes.<\/p>\n<p><span><\/span><\/p>\n<p>Revenue for the quarter was $114 million, 11 percent lower<br \/>\nthan previously, despite a 13 percent jump in volume of metals<br \/>\nsold, Zimplats said.<\/p>\n<p><span><\/span><\/p>\n<p>The miner said it had secured uninterrupted electricity<br \/>\nsupplies after giving state power utility ZESA a $25 million<br \/>\nloan to reduce its debt with Mozambique&#8217;s Hidroelectrica de<br \/>\nCahora Bassa. In return, Zimplats will be awarded power units<br \/>\nand will not suffer power cuts for five years.<\/p>\n<p><span><\/span><\/p>\n<p>Zimplats, which is 87 percent controlled by South Africa&#8217;s<br \/>\nImplats, said in March it had agreed to a deal that would see it<br \/>\ncomply with Zimbabwe&#8217;s requirement that 51 percent of shares in<br \/>\nZimplats be held by locals.<\/p>\n<p><span><\/span><\/p>\n<p>The firm said it was in ongoing discussions with the<br \/>\ngovernment over the implementation of the ownership agreement.<\/p>\n<p><span><\/span><\/p>\n<p>Zimplats said it was on course to commission its<br \/>\nconcentrator plant under a $460 million expansion project in<br \/>\nApril 2013. <\/p>\n<p> (Reporting by Nelson Banya; Editing by Mark Potter)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nelson Banya HARARE Aug 1 (Reuters) &#8211; Impala Platinum&#8217;s Zimbabwe unit Zimplats posted a 52 percent drop in operating profit in the fourth quarter to June, mainly due to weaker platinum group metal prices. In a statement released on Wednesday, Zimplats said operating profit was $25 million, down from $52 million in the previous [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13053"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13053\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}