The loan was guaranteed by its majority shareholder Impala Platinum Mines of South Africa and will be channelled towards the commissioning of a new concentrator. The company said this brings the total of loans taken by the platinum producer to US$6.3m for the expansion project.
In the statement the company also said that it had registered a second quarter operating profit of US$5m, up from US$1.1m in the first quarter of the year.
Despite a marginal decline in volume of metals sold, revenue was 25 per cent up on the previous quarter due to the steady increase in metal prices during the period under review, said the statement.
Zimplats said its operating costs increased by 15 per cent, reflecting mainly the adverse effect of the strengthening of the South African rand against the US dollar, which resulted in an exchange loss of $6m.
Total ore mined was 17 per cent higher than the previous quarter as the ramping up of underground production continued.
11.8.2009
9:37
Zimplats takes extra loan to finish Ngezi
BULAWAYO - The countrys mining giant, Zimbabwe Platinum Mines (Zimplats), says it has secured an additional US$2.5m loan to fund the completion of its Ngezi expansion project.