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Message: [QUOTE="Queen, post: 87193, member: 27"] A ZAR461 million value hit just smacked Mimosa on paper, and the culprit is rising costs plus Zimbabwe’s beneficiation tax chewing through future cash hopes. Mimosa write down fallout [LIST] [*]Sibanye-Stillwater slashed Mimosa’s carrying value by ZAR461 million. [*]June 30, 2025, the life-of-mine review reset the cost math upward. [*]Zimbabwe’s beneficiation tax got baked into long-term forecasts. [*]Lower projected cash flows dragged down value in use. [/LIST] Impairment of math and assumptions [LIST] [*]After-tax impairment tallied ZAR535 million on plant and equipment. [*]Another ZAR64 million trimmed from the equity-accounted stake. [*]Assessors used a ZAR25,745 per 4Eoz basket price. [*]Model ran on a 20,67% discount rate and an eight-year life. [/LIST] Fiscal pressure in Zimbabwe [LIST] [*]The 2026 National Budget aims to squeeze more mining revenue. [*]Treasury signaled tighter collection as commodity prices firmed. [*]The Zimbabwe Mining Forum heard officials promise investor safety. [*]The government keeps pushing for deeper local value addition. [/LIST] Production and cost shifts [LIST] [*]Attributable output at Mimosa slid 5% to 117 019 4Eoz. [*]Power outages knocked the concentrator offline and hurt recoveries. [*]All-in sustaining cost climbed 11% to US$1,280 per 4Eoz. [*]Despite lower volumes, revenue jumped to ZAR3,61 billion. [/LIST] Profitability and spending moves [LIST] [*]Adjusted EBITDA rose to ZAR1,08 billion from ZAR619 million. [*]Stronger realized prices padded margins despite weaker output. [*]Capital expenditure shrank to ZAR358 million. [*]Management skipped further impairment checks on December 31, 2025. [/LIST] [/QUOTE]

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