Business / Economy
Zimbabwe targets 1 million platinum ounces a year
17 Sep 2014 at 17:35hrs | Views
The Zimbabwean government is targeting to reach 1 million ounces of platinum in the next few years as four concessions of platinum are expected to be operational in the next five years.
The target from government comes on the back of the commissioning of the $3 billion platinum mine in Darwendale, which is a joint venture between a Russian consortium and a local firm.
The mine is expected to produce 250 000 ounces of platinum over the next 36 months, operating on an open cast basis for two years before venturing into underground mining in the third year.
The Minister of Mines and Mining Development, Walter Chidhakwa said with other concessions under exploration, the country can easily achieve the 1 million ounces target annually.
The Indigenous Business Development Centre Vice President, Mr Cliff Chafausipo said the coming on board of another platinum mine will translate to increased revenue for government through taxes and royalties.
Platinum mining in Darwendale will be run by Great Dyke Investments, which began exploration in 2006.
Experts and analysts agree that the commissioning of the project shows the confidence that investors have in Zimbabwe.
The new mine has an estimated reserve of 216,7 million tonnes with a high grade of platinum.
The target from government comes on the back of the commissioning of the $3 billion platinum mine in Darwendale, which is a joint venture between a Russian consortium and a local firm.
The mine is expected to produce 250 000 ounces of platinum over the next 36 months, operating on an open cast basis for two years before venturing into underground mining in the third year.
The Minister of Mines and Mining Development, Walter Chidhakwa said with other concessions under exploration, the country can easily achieve the 1 million ounces target annually.
The Indigenous Business Development Centre Vice President, Mr Cliff Chafausipo said the coming on board of another platinum mine will translate to increased revenue for government through taxes and royalties.
Platinum mining in Darwendale will be run by Great Dyke Investments, which began exploration in 2006.
Experts and analysts agree that the commissioning of the project shows the confidence that investors have in Zimbabwe.
The new mine has an estimated reserve of 216,7 million tonnes with a high grade of platinum.
Source - zbc
