Zimbabwe Envisages All-time High 502 000 Ounces Platinum Annual Output

By Ross Moyo

Zimbabwe is envisaging an all-time high output of 502 000 ounces in platinum.

According to World Platinum Investment Council (WPIC’s) quarterly report, Zimbabwe platinum group metals (PGMs) output jumped by 2 percent from 126 000 ounces in the second quarter of 2023 to 129 000 ounces in the third quarter of 2023.

“Zimbabwe’s production is on track to reach an all-time high of 502 000 ounces (annual output) as a result of the commissioning of the third concentrator at Zimplats in 2023,” WPIC said.

Zimbabwe holds the world’s second-largest PGMs resource, after South Africa, on the Great Dyke competing alongside Russia which makes up top three world platinum producers. The Southern African nation has three platinum-producing mines: Zimplats, Mimosa and Unki.

The country’s 2022 platinum production surpassed estimates but fell by a marginal 1 percent compared to 485 000 ounces in 2021.

Ministry of Mines and Mining Development has been walking President Emmerson Mnangagwa’s talk on “Zimbabwe is open for business,” mantra as the Head of State ushered in a new Second Republic, “friend to all and an enemy to none,” unlike his predecessor and rightly encouraging  foreign investment in the mining industry to boost production and generate the much-needed forex revenue for the country.

Former Minister of Mines Hon Winston Chitando envisioned growing the mining sector to US$12 billion by 2023, which has already been made possible by PGMs which are among the minerals which contributed to Zimbabwe’s target of growing the mining sector to that figure by end of this year and indeed attained that already way before time.

According to WPIC, Global mining supply increased by 2 percent year-on-year to 1 418 000 ounces in the quarter under review, underpinned by Southern Africa.

“South African production increased by 19 000 ounces to 996 000 ounces and Zimbabwean output increased by 13 000 ounces in the third quarter.”

In the quarter under review, Refined platinum supply edged 1 percent higher year-on-year to 1 402 000 ounces.