Zimplats channels US$1,2m towards exploration

Platinum giant, Zimplats, has spent US$1,2 million in exploration activities during the quarter ended September 30, 2020 while ore mined increased by two percent.

The ore mined was also four percent up year-on-year underpinned by improved fleet productivity and additional tonnage from the company’s Mupani Mine, presently under development.

In a trading update for the third quarter under review, Zimplats said: “A total of US$1,2 million was spent on exploration projects during the quarter and a further US$0,1 million was committed.

“Ore mined increased by two percent from the previous quarter and was four percent higher than in the quarter ended 30 September 2019 because of improved fleet productivity and additional tonnage from Mupani Mine, which is still under development.”

Total operating cash costs increased by three percent from the previous quarter as a result of higher volumes mined and an increase in minerals marketing.

A total of US$5,6 million was transferred from operating costs to closing stocks during the quarter, compared with $1,2 million in the previous quarter, owing to the increase in run-of-mine (RoM) ore and concentrate stocks.

Zimplats said the accumulation of run-of-mine ore stocks will continue in preparation for the commissioning of increased concentrator capacity, which is planned for the second half of 2022.

Operating cash costs per ounce increased by 12 percent from the previous quarter due to a combination of lower matte volumes and higher operating costs. — chronicle.c.zw