Zimplats to construct refinery
OWN CORRESPONDENT
Zimplats, the country’s largest platinum miner, is planning to construct additional smelters and refurbish the Base Metal Refinery, in order to process its minerals locally, it has been learnt.
Business Times can report that other platinum group metals (PGMs) producers will also make use of Zimplats’ excess capacity for toll treatment, fostering collaboration and synergy within the sector.
It is anticipated that the move will strengthen the local mining industry.
In 2023, the platinum group metals (PGM) sector contributed US$2.1bn to Zimbabwe’s economy, making up about 25% of national exports.
However, the industry is grappling with falling PGM prices on the international market, with palladium prices dropping by approximately 40%. This price volatility highlights the need for a more resilient and diversified approach to the sector, mining experts have said.
Addressing delegates at the PGMs Symposium held in the resort town of Victoria Falls last week, the Minister of Mines and Mining Development, Winston Chitando said the country is positioned to be a key player in attracting investments and creating new opportunities.
“By strategically developing our PGMs resources, we can position Zimbabwe as a key player in the clean energy revolution, contributing to a more sustainable planet while attracting investments and creating new opportunities for our citizens.
“I am pleased to announce that Zimplats, one of our leading PGMs producers, is making significant investments to enhance its processing capacity.
” The construction of additional smelters and the refurbishment of the Base Metal Refinery will enable the company to process its materials domestically, further boosting our local mining industry, ” Chitando said.
He added :” I am delighted to also share that PGMs producers have reached an agreement to utilize excess capacity at Zimplats for toll treatment, fostering collaboration and synergy within the sector.”
Between them, platinum and gold account for more than 50% of the country’s export revenue while mining in general constitutes over 75% of Zimbabwe’s shipments by value.
He said the government was committed to working collaboratively with all stakeholders, including industry leaders, research institutions, and the local community.
