Zimbabwean platinum producer Zimplats has revealed an increase in its profits during the three months to September 30th.

Despite only a small increase in its sales, the firm was able to announce a massive 27 per cent increase in operating profits thanks to the devalued Zimbabwean dollar and continued high platinum prices.

Operating profits reached $6.65 million during the period, while its platinum, palladium, gold and rhodium production rose by just 3.9 per cent on the previous quarter.

Commenting on the impact of the devalued Zimbabwean currency, a company statement explained: "This more than compensated for the high level of inflation and also increases in oil prices and other imported inputs."

The firm produced 22,623 ounces of platinum during the three months and 19,085 ounces of palladium, while its rhodium output reached 2,036 ounces.

Zimplats is currently locked in talks with the Zimbabwean government over a tax dispute with the Zimbabwe Revenue Authority (Zimra) and at one point rumours suggested the company could quit the country altogether, although senior officials have since denied such a move was ever on the cards.



Ÿ Adfero Ltd