April 25, 2024
Platinum production to reach new high
PLATINUM production in the country is this year expected to reach a new high of around 500 000 ounces from 480 000 ounces recorded last year, as ongoing project development brings new volumes online, projections from the World Platinum Investment Council (WPIC) indicate.
Producers have of late been ramping up production as experts say platinum is likely to be Zimbabwe’s mainstay in the foreseeable future, owing to the investments being made in value-addition and the consistent reporting standards implemented by the current platinum group metals (PGM) miners.
Zimplats announced plans to invest a total of US$1,8 billion over a 10-year period to boost capacity, expand production, and support its operations.
Unki invested in a debottlenecking project that should see monthly tonnes milled increase from 175 000 tonnes per month to 210 000 tonnes per month, leading to a 50 000 PGM ounces increase per annum.
Platinum producers have been ramping up production as experts say platinum is likely to be Zimbabwe’s mainstay in the foreseeable future
Mimosa completed the feasibility study for the US$90 million North Hill project, which will extend Mimosa’s life of mine by circa 10 years to 2044.
Other upcoming platinum projects under different stages of implementation include the Karo Platinum project, Great Dyke Investments, Bravura and those of Kuvimba Mining House.
According to the World Platinum Investment Council, platinum production in the country decreased by one percent to 480 000 ounces last year from 485 000 ounces recorded in the comparable year, which is attributable to the release of semi-processed inventory in 2021.
The WPIC said the country’s refined production remained unchanged year-on-year, with growth in underlying mine production matching output in 2021, which was boosted by the release of semi-finished inventory.
The report said gains from the commissioning of a new concentrator at Zimplats were partly offset by maintenance at Unki.
“In Zimbabwe, despite underlying mine production increasing due to project development, refined output remained unchanged year-on-year due to the release of semi-processed inventory in 2021.
“The completion of the Unki debottlenecking project and the commissioning of the Ngezi third concentrator at Zimplats increased capacity, which will result in higher refined volumes in 2023,” WPIC said in its quarterly global production report.
During the fourth quarter of 2022, platinum production decreased by three percent to 123 000 ounces from 127 000 ounces recorded in the comparable quarter last year.
The southern African country, which is home to the world’s second-biggest known deposits of platinum after South Africa, has three platinum-producing mines — Zimplats, Mimosa and Unki.
Platinum is targeted to contribute about US$3 billion to the country’s economy under an ambitious plan to make the mining sector a US$12 billion industry by 2023.
The government is focusing on value addition, enhanced investment within the sector, increased productivity and job creation and increased exports and foreign-currency generation.
