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Zim’s platinum output up 2% in Q2 to record high

ByETimes

Sep 7, 2023

By ETimes

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.

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By ETimes

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