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Zimplats increases spend on exploration projects

Zimplats increases spend on exploration projects

by DANAI MWARUMBWA
HARARE, (CAJ News) ZIMPLATS has spent US$0,7 million on exploration projects since the beginning of the current year.

This is a slight increase from the $0,5 million spent in the last quarter of 2020.

The funds spent on exploration in the first quarter of 2021 are out of a total of $0,9 million the platinum metals miner committed as at March 31, 2021.

A total of exploration activities undertaken included Mineral Resource evaluation work comprising approximately 7 613 metres of surface diamond drilling over existing projects on the two mining leases.

“The exploration activities improved geological and geo-technical confidence in scheduled production,” Zimplats stated in a first –quarter 2021 production update on Friday.

During the period, total operating cash costs decreased by 1 percent from the previous quarter to $95,142 million.

This is attributed to lower volumes of ore mined which was partly offset by the negative impact of the strengthening of the South African Rand against the United States Dollar on imported goods and services from South Africa.

Zimbabwe was also not spared the higher fuel prices in line with firming crude oil prices on the world market.

A total of $2,2 million was transferred from opening stocks to operating costs during the quarter as concentrate stocks were reduced in the period.

Ore mined decreased by 4 percent from the December 2020 quarter due to the temporary closure of Ngwarati Mine after the deadly incident on February 14, 2021.

An employee lost his life.

Some 24 new COVID-19 cases were recorded during the quarter, all of whom have fully recovered.

– CAJ News

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