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*Zimplats' Net Profit Declines Due To Net Foreign Currency Exchange Losses* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?bv Impala Platinum Group company Zimplats’ net profit declined from $250.61-million in the last half of 2020 to $170.68-million in the last half of 2021. The decline was due to net foreign currency exchange losses of $21.8 million arising mainly on Zimbabwean dollar-denominated monetary assets owing to the depreciation of the Zimbabwean dollar. ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- Zimplats’ revenue of $585 million was 13% lower year-on-year largely owing to negative revenue from movements in commodity prices. The cost of sales, at $294.9 million, was marginally lower than the previous year’s $297.4-million. Consequently, the gross profit margin was 50%, compared with 56% in the prior comparable period. Zimplats generated net cash inflows from operating activities of $261.3-million. A dividend of $120 million has been declared for the interim period. Meanwhile, ore mined decreased to 3.5 million tonnes, mainly as a result of production disruptions at the Mupfuti mine during a changeover of the trackless mining equipment service provider. The changeover has now been completed. Tonnes milled was unchanged from the prior interim period’s 3.4-million tonnes. Zimplats’ capital investment programmes: > a). the redevelopment of the Bimha mine was completed within budget at $99.8-million. > b). The upgrade of the Mupani mine is on schedule, with earthworks for the dome and load out station complete. > c). Upgrading of Bimha is progressing well, targeting 3.1 million tonnes yearly in the first quarter of full-year 2024. > d). A feasibility study for the refurbishment of the mothballed base metal refinery at SMC is ongoing, targeting completion by the end of the financial year. > e). A feasibility study for a proposed 185 MW solar project has been completed and an independent power producer’s licence was issued by the regulator. Zimplats anticipates a sustainably good operating environment and continued enforcement of Covid-19 protocols moving forward. More: NewZimbabwe.com _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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