Zimplats revealed on Monday (3rd May) that it saw its pgm production decline slightly in the first quarter of 2010.

The company saw its 4E (platinum, palladium, rhodium and gold) output in concentrate hit 93,845 oz, compared to the figure of 94,670 oz for the previous three-month period.

However, a combination of rising pgm prices and higher sales volumes saw Zimplats' overall revenues rise nine per cent to $116.6 million and operating profit jump 14 per cent to $57 million.

Meanwhile, the firm also announced this week that it has rubber-stamped the technical aspects of its planned Ngezi Phase II expansion project.

The $445 million strategy is set to include the development of a two million tonnes-per-year underground mine and a two million tonnes-per-year concentrator module.

In addition, the subsidiary of Impala Platinum revealed that the plans incorporate a 35,000 million-litre dam, a 9km overland ore conveyor and employee housing facilities.

Zimplats confirmed that the work will not commence until compliance issues in relation to the Indigenisation and Economic Empowerment Act and associated rules are resolved.

Impala Platinum is the world's second-largest producer of the precious metal, eclipsed only by Anglo Platinum.

Sources:

Zimplats approves technical aspects of $445m Ngezi expansion (03/05/10)

Zimplats Q3 profit up 14 pct on platinum price (03/05/10)

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