Business / Companies
New platinum mining venture formed in Zimbabwe
23 Oct 2013 at 12:39hrs | Views
The Zimbabwe Mining Development Corporation has formed a platinum metal production joint venture with UK-listed Eurasian Natural Resources Corporation and an unnamed Chinese firm.
According to Bloomberg, platinum production would commence during the first quarter of next year at a facility located at the mining concessions near Shurugwi, 233km south west of Harare.
ENRC owns 60 percent of the permit while ZMDC owns the remaining 40 percent stake. Anglo American Platinum, Impala Platinum Holdings and Aquarius Platinum also operate mines in the area.
The Chamber of Mines estimates that Zimbabwe would produce 365 000 ounces of platinum as well as a number of other metals found in these mines throughout 2013.
ZMDC managing director Mr Jerry Ndlovu said: "Everything is on course. An exploration report from an alliance with the Chinese company is due by end of 2013."
He did not disclose the name of the Chinese firm in the venture.
Zimbabwe contains the world's second largest platinum reserves and the government officials is trying to expand the country's mining industry, Bloomberg reported.
According to Bloomberg, platinum production would commence during the first quarter of next year at a facility located at the mining concessions near Shurugwi, 233km south west of Harare.
ENRC owns 60 percent of the permit while ZMDC owns the remaining 40 percent stake. Anglo American Platinum, Impala Platinum Holdings and Aquarius Platinum also operate mines in the area.
ZMDC managing director Mr Jerry Ndlovu said: "Everything is on course. An exploration report from an alliance with the Chinese company is due by end of 2013."
He did not disclose the name of the Chinese firm in the venture.
Zimbabwe contains the world's second largest platinum reserves and the government officials is trying to expand the country's mining industry, Bloomberg reported.
Source - Bloomberg
