Zimplats Expansion Project Delayed Due To Low Platinum Prices

Reuters reported Zimplats (ASX:ZIM) said on Wednesday the company’s $460 million expansion project, due for completion in 2015, could be delayed if platinum prices remain weak.

As quoted in the market news:

Alex Mhembere also told reporters at Zimplats’ annual results presentation that $223 million had so far been spent on the Ngezi 2 expansion.

Zimplats, which is expanding its operations to increase output from about 180,000 ounces a year to 270,000 ounces annually, has been hit by low metal prices, resulting in a 10 percent decline in revenue to $473 million in the full year to June 2012 from $527 million in 2011.

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