Zim's platinum output expected to reach 395 000 ounces

Published: 10 June 2013
Zimbabwe's platinum output is this year expected to reach 395 000 ounces due to massive exploration of the commodity by mining companies.

Despite the fluctuations in global prices for the white metal, platinum companies in Zimbabwe are however optimistic of a more than seven percent rise in output from last year.

Chamber of Mines Vice President Alex Mhembere said platinum mining companies are focusing on massive exploration and new investments.

"We remain optimistic of better returns in the future and hope that this will increase," he said.

Zimbabwe, which is among the top five platinum mining producing nations around the world, is expected to experience an increase in investment within the sector due to vast deposits at low costs operations.

However, the high cost and unavailability of electricity remains a major challenge for most companies.

Statistics show that of the more than 1,7 billion dollars raked in by the mining industry in 2012, the platinum sector accounted for more than 45 percent.

Economists say the high input costs against the low international prices will however pose challenges on the ability of the platinum mining sector in increasing production.
- business
Tags: Platinum,


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