Business / Companies
Unki mine in Zimbabwe, one of Anglo America's growth points
25 Jul 2011 at 07:29hrs | Views
ANGLO American Platinum (Amplats) has highlighted the Unki mine in Zimbabwe as one its growth points, but CEO Neville Nicolau remains tightlipped over how the group will meet Zimbabwean indigenisation requirements.
Nicolau give evasive replies in response to questions on Unki from Cadiz Securities analyst Nic Dinham at the presentation of the group's interim results on Monday.
When Dinham queried why Nicolau remained so confident – particularly in the light of the latest statements from the Zimbabwean government - Nicolau replied "because we are".
Last week Zimbabwe's Minister for Indigenisation and Economic Empowerment Saviour Kasukwere announced that all 175 proposals over local ownership from foreign mining companies had been rejected by government.
Unki is important to Amplats because it is a low-cost operation. Nicolau made it clear Amplats' future production would be sourced as far as possible from its lowest cost operations as the group strives to keep the bulk of its production in the lower half of the industry cost curve.
Nicolau added Unki should be able to hit full output before the third quarter of 2013 but would only be able to give clearer guidance on this later in 2011.
Unki is a priority for Amplats after which, over the next five to ten years, Nicolau indicated Amplats would develop its largely untouched assets on the Eastern Limb of the platinum-bearing Bushveld Complex.
Nicolau give evasive replies in response to questions on Unki from Cadiz Securities analyst Nic Dinham at the presentation of the group's interim results on Monday.
When Dinham queried why Nicolau remained so confident – particularly in the light of the latest statements from the Zimbabwean government - Nicolau replied "because we are".
Last week Zimbabwe's Minister for Indigenisation and Economic Empowerment Saviour Kasukwere announced that all 175 proposals over local ownership from foreign mining companies had been rejected by government.
Unki is important to Amplats because it is a low-cost operation. Nicolau made it clear Amplats' future production would be sourced as far as possible from its lowest cost operations as the group strives to keep the bulk of its production in the lower half of the industry cost curve.
Nicolau added Unki should be able to hit full output before the third quarter of 2013 but would only be able to give clearer guidance on this later in 2011.
Unki is a priority for Amplats after which, over the next five to ten years, Nicolau indicated Amplats would develop its largely untouched assets on the Eastern Limb of the platinum-bearing Bushveld Complex.
Source - Byo24News
