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Original Post Date: 2010-08-02 Time: 15:00:02 Posted By: News Poster
Harare – PLATINUM miner Mimosa Mining Company registered a 16 percent increase in its underground production to 563 976 tonnes on the back of improved global Platinum Group Metals prices.
PGM prices rose from US$1 650 per ounce at the beginning of the quarter and peaked at around US$1 750 per ounce mid April before plunging to about US$1 500 per ounce in May.
The prices, however, firmed again to end the quarter at about US$1 530 per ounce.
PGMs comprise of platinum, ruthenium, rhodium, palladium, osmium and iridium.
“Mimosa mining operations hoisted 563 976 tonnes of ore in the current period compared to 486 804 tonnes in the previous quarter.
“Volumes milled and processed totalled 567 845 tonnes, with 3 869 tonnes being taken from the stockpile. As a result, the surface stockpile totalled 72 117 tonnes at the quarter end.
“The average plant head grade was static at 3.60g/t, and recoveries decreased to 75,7 percent from 76,1 percent in the previous quarter,” the company said in its fourth quarter report.
As a result of these factors, PGM production increased by 2 percent to 49,709 4E PGM ounces (24,855 4E PGM ounces attributable) during the quarter, with base metals production rising by a similar margin.
The Aquarius Group noted that despite weaker PGM prices from mid May,
average PGM basket prices strengthened at all the group’s operations in both the US dollar and the rand over the fourth quarter.
Commenting on the results Aquarius Platinum Limited’s chief executive officer Mr Stuart Murray acclaimed the group’s best performers in the period under review.
“The final quarter of the 2010 financial year has been positive overall, with production volumes better than those achieved in the previous quarter, and improved average PGM prices. Kroondal and Mimosa performed well during the period,” he said.
Mimosa Platinum also indicated that it had implemented a number of cost-cutting measures that had resulted in significant cost reduction for the company.
“During the quarter, cash costs decreased by four percent to US$56 per ROM tonne, and costs per PGM ounce decreased by three percent to US$640.
“This was largely as a result of cost saving initiatives that are being implemented in the mine. Net of by-products, cash costs were US$265 per PGM ounce, compared with US$333 per PGM ounce in the previous quarter, primarily due to the decrease in operating cash costs” said Mimosa.
The platinum miner noted a number of positive developments in the macro-operating environment, however disheartened at recent inflationary trends.
“The inclusive government continues to function and there is continued hope that this will result in an improved economic environment.
“In the 2010 Mid Term Fiscal Policy Statement which was presented on 14 July 2010, royalties on precious metals were increased from 3,5 percent to 4 percent of gross revenue while that applied to base metals remained unchanged.
“The Minister (of Finance) indicated that the multi-currency regime would continue until 2012.
“Inflationary pressures from wage increases, public utility charges and the strengthening of the South African Rand against the US dollar caused the inflation figure to reach 6,1 percent in May 2010 from 0,7 percent in January 2010. The US dollar and South African Rand remain the most widely used currencies in the economy.
“A draft of revised Income Tax Act was published in June 2010 for comments. The proposed changes include restrictions on deductible expenditure for taxable income, and changing the Special Initial Allowance for mining entities from 100 percent in the year of expenditure to 25 percent over four years.
“However, the income tax rate for mines remained unchanged at 25 percent,” said Mimosa.
The mine is expected to produce 2,2 million tonnes of ore by the end of the current financial year, slightly up from 2,1 million tonnes last year.
Mimosa is jointly owned by Impala Platinum Holdings and Aquarius Platinum Limited, the world’s second and fourth largest platinum miners.
Original Source: 
Published by the government of Zimbabwe
Original date published: 30 July 2010
Source: http://allafrica.com/stories/201008020635.html?viewall=1