Zimbabwe Platinum Mines (Zimplats) increased its revenues to $23.22 million during the last three months of 2003, up from $14.87 million quarter-on-quarter.

The firm also confirmed that overall operating profits improved to $7.19 million from $2.92 million, despite the occurrence of two matte hijacking incidents.

A total of 52,677 oz of platinum, palladium, rhodium and gold was produced by Zimplats in the final quarter of 2003.

The processing of concentrate stockpiled at the Selous metallurgical complex contributed greatly to this figure.

However, metal sales of 44,549 oz for the fourth quarter did not match the high level of production due to the interruption of matte transport caused by two hijacking incidents.

Zimplats explained that a number of measures had been implemented to boost transport security arrangements in the future..

After amortization and depreciation charges, total production costs per ounce for the four metals was $267/oz, down from $290/oz quarter-on-quarter, which the firm attributed to increased metal production, stronger prices and better cost controls.

Zimplats added that it had sufficient reserves to meet all financial commitments and other operational and approved capital spending requirements.