• Tue. Apr 23rd, 2024

Zimbabwe’s platinum output fell 1% in first half

ByEconomic Times

Sep 6, 2022

By ETimes

Platinum production in Zimbabwe declined 1% to 241 000 ounces in the first six months of 2022 from 243 000 ounces in the comparative period, the latest data shows.

The southern African nation hosts the second largest Platinum Group Metals resource in the world after South Africa, on the Great Dyke. It has three platinum-producing mines – Zimplats, Mimosa and Unki.

Figures from the World Platinum Investment Council (WPIC) quarterly global production report show that Zimbabwe’s platinum output fell 1% from 125 000 ounces in Q2 2021 to 124 000 ounces in Q2 2022.

“Output from Zimbabwe was stable at 124 koz, benefiting from increased concentrator capacity at Unki,” stated WPIC.

“This offset declines at Mimosa and Zimplats, which fell due to a semi-finished inventory release last year.”

WPIC expects the country’s platinum production to be 465 000 ounces in 2022. In 2021, the country’s platinum output stood at 485 000 ounces.

Zimbabwe is envisioning a US$12 billion mining industry by 2023.

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Of the US$12 billion, gold, platinum, and diamonds will contribute US$4 billion, US$3 billion and US$1 billion respectively. Chrome, iron ore and carbon steel will contribute US$1 billion while coal and hydrocarbons will contribute the same. Lithium contributes US$500 000 while other minerals will constitute US$1.5 billion.

The mining industry’s optimism for 2022 is still supported by current capacity expansion efforts and the forecast for commodity prices. The greatest challenges to the sector’s future growth are still capital restrictions and legislative changes.

As part of attempts to strengthen its coffers, which have been put under strain by declining economic conditions, the country aims to hike royalty rates on platinum producers and implement one for lithium miners as of January 1 of next year – Harare

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