Zimplats weighs expansion opportunities
TINASHE MAKICHI
Zimbabwe’s largest platinum miner, Zimplats, is weighing expansion options including development of a new mine, Business Times can report.
Zimplats chairman, Sydney Mufamadi said huge investments of about US$1.4bn are being planned with the investment leading to the setup of a new mine among other capital intensive projects.
“The group continues to investigate expansion options including a mine, further concentrator growth, smelter and base metal refinery. The group continues to scan the environment for investment opportunities in Zimbabwe,” Mufamadi said.
Zimplats signed off on its investment programme before President Mnangagwa recently in the form of a memorandum of agreement with the government that clears the paths for the detailed regulatory approval that these investments will require.
The agreement will see Zimplats establishing a base metal refinery, itself a huge step towards local mineral beneficiation and value maximisation dove-tailing with the National Development Strategy 1 objectives.
Up to now platinum group metals have been exported as concentrates for refining in South Africa. The refinery will also be able to handle the output from the other platinum mines in Zimbabwe now also being refined outside the country.
Zimplats plans a new mine, and wants to expand the capacity of its smelter, will construct an additional concentrator, build the refinery and a sulphuric acid plant and put in place a 110 MW solar power plant.
In the past 12 months, Zimplats surpassed the US$1bn revenue mark for the first time in its 20-year history.
The precautionary closure of Ngwarati Mine during the year did not prevent the group from achieving its production and profitability targets – all available resources were used effectively and efficiently to mitigate its impact.
6E metal production was flat year on year despite disruptions caused by the incident of a partial collapse of the high wall at the Ngwarati Mine box cut on February 14, 2021.
