News / National
Zimplats, partners to fund base metal refinery
03 Oct 2018 at 07:21hrs | Views
ZIMBABWE's largest platinum miner, Zimplats, has joined hands with other platinum mining firms to raise $134 million to finance establishment of the country's first base metal refinery under the value addition thrust.
Value addition and beneficiation are key components towards industrialising the economy and creating jobs.
The drive also buttresses the regional industrialisation agenda. Head of Corporate Affairs at Zimplats, Mrs Busi Chindove, said the establishment of the first metal refinery base demonstrates Zimplats and partners' full support for Government's beneficiation policies.
"Zimplats' initiative to establish the first base metal refinery, which is estimated to cost $134 million, shows that the company is fully supportive of the Government's beneficiation policies and its desire to see more beneficiation of the country's mineral resources," she told Business Chronicle in emailed responses.
"The equipment to ensure the reality of this project is already on the ground at the firm's plant in Selous, which costs $23 million."
The establishment of the metal refinery plant was officially announced in the first quarter of the year and the company expects to commission the plant next year. The company has said that everything was going according to plan but due to the depressed metal prices, implementation of the project was slowed down.
"Due to depressed metal prices that have affected earnings of the firm, implementation of the project was slackened because of the unavailability of cash to fund the project but the company is still trying to make ends meet," she said.
"Zimplats has now partnered with other platinum players in the industry to fully fund and implement the project, signalling a new chapter for the country in its quest to value add and beneficiate its mineral resources and countering the cash shortage."
Mrs Chindove said once the project was fully implemented, Zimbabwe would be the sixth country among a few countries in the world to successfully establish a base metal refinery. The project is expected to create more than 100 jobs at the firm.
Zimplats also added that they have four underground mines currently in production and were operating at full capacity. A fifth replacement mine is being constructed to replace two of the older mines nearing the end of their available ores.
Value addition and beneficiation are key components towards industrialising the economy and creating jobs.
The drive also buttresses the regional industrialisation agenda. Head of Corporate Affairs at Zimplats, Mrs Busi Chindove, said the establishment of the first metal refinery base demonstrates Zimplats and partners' full support for Government's beneficiation policies.
"Zimplats' initiative to establish the first base metal refinery, which is estimated to cost $134 million, shows that the company is fully supportive of the Government's beneficiation policies and its desire to see more beneficiation of the country's mineral resources," she told Business Chronicle in emailed responses.
"The equipment to ensure the reality of this project is already on the ground at the firm's plant in Selous, which costs $23 million."
The establishment of the metal refinery plant was officially announced in the first quarter of the year and the company expects to commission the plant next year. The company has said that everything was going according to plan but due to the depressed metal prices, implementation of the project was slowed down.
"Due to depressed metal prices that have affected earnings of the firm, implementation of the project was slackened because of the unavailability of cash to fund the project but the company is still trying to make ends meet," she said.
"Zimplats has now partnered with other platinum players in the industry to fully fund and implement the project, signalling a new chapter for the country in its quest to value add and beneficiate its mineral resources and countering the cash shortage."
Mrs Chindove said once the project was fully implemented, Zimbabwe would be the sixth country among a few countries in the world to successfully establish a base metal refinery. The project is expected to create more than 100 jobs at the firm.
Zimplats also added that they have four underground mines currently in production and were operating at full capacity. A fifth replacement mine is being constructed to replace two of the older mines nearing the end of their available ores.
Source - chronicle
