HARARE – Zimbabwe’s platinum production rose 2% in the second quarter of 2023 to a record 126 000 ounces, the World Platinum Investment Council (WPIC) latest report shows.
In Q2 2022, the southern African country’s platinum output stood at 124 000 ounces.
“Zimbabwe supply edged 2% higher year-on-year to 126 koz, its highest since Q4 2021. This was the result of higher output from Zimplats as additional milled ore volumes from the commissioning of a concentrator were realised,” WPIC stated.
“The operation also benefited from a Zambian power import agreement, mitigating the impact of national loadshedding that effected other producers in the country.”
The country’s platinum output jumped 9% from 116koz in Q1 2023 to 126koz in Q2 2023.
For the first six months of 2023, platinum production increased by negligeable 1% to 242koz from 241Koz.
“Despite the headwinds of loadshedding across the Zimbabwean national grid, mine production is expected to hit an all-time high of 502 koz in 2023, a 5% year-on-year increase. This growth reflects the expansion of capacity at Zimplats,” reads the report.
“However, it is important to note that since Zimbabwean-mined platinum undergoes downstream processing in South Africa, the overall outcome is contingent upon the performance of that country.”
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 $12 billion by 2023.