• Wed. Jun 12th, 2024

Zim platinum output hit an all-time high of 129koz in Q3

ByETimes

Nov 22, 2023

By ETimes

Zimbabwe’s platinum production rose 11% in the third quarter of 2023 to an all-time high of 129 000 ounces, the World Platinum Investment Council (WPIC) latest report shows.

In Q3 2022, the southern African nation’s platinum output stood at 116 000 ounces.

“The growth came from Zimplats which realised additional milled volumes from the third concentrator plant, in addition to the impact of scheduled furnace maintenance last year,” WPIC stated.

“Output from other producers, Unki and Mimosa, remained virtually unchanged year-on-year.”

The country’s platinum output jumped 2% from 126 koz in Q2 2023 to 129 koz in Q3 2023.

“Zimbabwe’s production is on track to reach an all-time high of 502 koz as a result of the commissioning of the third concentrator at Zimplats in 2022,” WPIC said.

The southern African country has the world’s second-largest platinum group metals resource, after South Africa, on the Great Dyke. It has three platinum-producing mines: Zimplats, Mimosa and Unki.

Zimbabwe’s platinum production surpassed 2022 estimates but fell by a negligible 1% compared to 485 000 ounces in 2021.

Authorities have also been encouraging foreign investment in the mining industry to boost production and generate much-needed forex revenue for the country.

The platinum group metals (PGMs) industry is among the minerals expected to contribute to Zimbabwe’s target to grow the mining sector to US$12 billion by 2023

Global mining supply increased by 2% year-on-year to 1,418 koz in Q3 2023, underpinned by Southern Africa, according to WPIC.

“South African production increased by 19 koz to 996 koz and Zimbabwean output increased by 13 koz in the third quarter.”

Refined platinum supply edged 1% higher year-on-year to 1,402 koz in Q3 2023-HARARE

By ETimes

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