Harare, Zimbabwe - Zimbabwe's biggest platinum miner said Tuesday it had posted a US$85 million net profit for the half year period to December last year, representing a 150 percent increase. Zimbabwe Platinum (Zimplats), owned by South Africa's Impala Holdings, said revenues for the period went up 45 percent to US$250 million.

In the first half of the year, net profit stood at US$28 million and revenues at US$172 million.

The company said the higher profitability was due to increased prices for the mineral on the international market and a growth in production.

Output went up six percent to two million tonnes of ore in the half year to December last year.

Zimplats is the biggest producer of the mineral, and sits on vast reserves of platinum in central Zimbabwe.

The country as a whole holds the second biggest reserves of platinum in the world after South Africa.

Pana 23/02/2011