Zimplats to invest on new mine

Published: 29 November 2013

Zimbabwe Stock Exchange listed platinum miner, Zimplats has earmarked $469 million for the opening of a new mine that is set to replace one of its three mines currently operating, a senior company official confirmed yesterday.

The company has four mines namely Mupfuti, Rukodzi, Bimha and Ngwarati and the opening of a new mine is set to replace the Rukodzi mine that is now old and is starting to lose its sustainability.

The new mine would be called Portal 5.

The company has since improved from the 4,2 million tonnes of ore milled per annum to reach the maximum of 6, 2 million tonnes of ore milled per annum, recording a two million tonnes growth and the phase two concentrator has already achieved design capacity Zimplats chief executive Mr Alex Mhembere said the company is set to embark on a drive to explore new mining claims in the area in trying to increase capacity utilization as well as expand the business.

"The year 2014, most probably we are going to maintain the standards rather than grow the business.

Currently opening of a new mine is the major project that we are going to undertake and as you know the phase two is nearing its completion.

"All the explorations of the new mine have already been done and it is now left to the executive to come up with the ways on how to come up with adequate capital, so that the project starts," he said.

Mr Mhembere said though they have been affected by the liquidity crunch, the company still has the wish to come up with initiatives that emphasise value addition as well as employment creation to the locals.

- bh24

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