Zimplats: Quarterly profit soars 164% to $50m

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ZIMPLATS recorded a 164 percent rise in profit to $50 million (R525m) in its fourth quarter to June as production and revenue rose, Zimbabwe’s top platinum producer said yesterday. Mined ore rose 26 percent to 1.54 million tons, although Zimplats did not say how many refined ounces were produced. Revenue was up 32 percent to $167m during the period. Zimplats is 87 percent-owned by JSE-listed Impala Platinum, which is recovering from a five-month wage strike that hit its main South African operations. Impala warned yesterday that its headline earnings a share and basic earnings a share for the year to June were expected to fall more than 20 percent, mainly because of the strike. – Reuters

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