Zimplats ploughs back to community

RYAN CHIGOCHE

Zimbabwe’s largest platinum miner, Zimplats, is working on horticulture projects as it seeks to create self-sufficiency within rural communities in Ngezi district, it has been learnt.

The support comes amid calls by government for mining houses to assist communities.

“It is an exciting time for us as a company,” Zimplats spokesperson, Busi Chindove said.

She added: “One of the things we also invested in this year is the five year horticulture programme where we are working with rural communities. The idea there is to create self-sufficient and food secure communities to provide nutrition and also to generate household income by setting up irrigation facilities in the areas and assisting with skills. As you know we are miners but we will be working with skilled partners in the agriculture sector.

She said Zimplats first project has been working “with them in growing garlic as we know garlic is an export crop so they have potential to earn foreign currency”.

This is not the first time that Zimplats has assisted communities. Last year, it launched cattle ranching and dairy projects in Gwebi, Mashonaland West Province.

Business Times understands that the cattle project now has more than 200 000 cattle.

The dairy project is contributing 402 000 litres of milk annually.

Chindove said Zimplats was seized with transforming the lives of local communities.

“We need to make increased progress in the integration of communities into this project. The idea is to have communities benefiting at two levels that is to have access to milk and products that come from the beef business.

“From a commercial perspective we need to see them growing as participants in the supply of stock feeds for that project. That hasn’t reached the levels that we would want but we are working aggressively towards it,’’ Chindove said.

In its financial results for the 12 months to June 30, 2022, Zimplats posted a  profit of US$356.6m, reflecting a 37% decline from US$563.1m reported in the prior comparative period, weighed down by the income tax expense which increased to US$240m  due to increase in withholding taxes.

Revenue fell by 8% to US$1.2bn in the reviewed period from US$1.4bn posted in the comparative period last year owing mostly to a drop in the year’s average US$ metal prices.

Sales costs increased by 9% to US$594.3 from US$546.7 m in the prior comparable period, owing mostly to a 15% rise in volume sold.