Humboi joins platinum mining

mining sector, an official said yesterday.
The company has partnered local investors and opened mining operations in Chegutu.
Mines and Mining Development Deputy Minister Gift Chimanikire said the entry of Humboi in the platinum sector would help the country increase national output, which stood at 230 000 tonnes last year.
“Humboi has completed exploration that it has been carrying out for the past four years in the Chegutu area,” he said.
“The company has complied with exploration regulations and it has since started mining platinum.”
Humboi joins Zimplats, Mimosa and Anglo Platinum in mining platinum in Zimbabwe.
Zimbabwe’s expected platinum output growth is in stark contrast with global production which has been forecast to remain flat on the back of receding production by Russia and South Africa, according to the Johnson Matthey’s “Platinum 2010” report.
In the report, JM predicts that this year would be characterised by a global deficit for the white metal owing to the quick recovery of the automobile sector in Europe, Asia and the US and stagnant production by leading producers-South Africa and Russia.
This is expected to trigger price increases for platinum beyond the current benchmark of US$1 600 per ounce to US$2 000 per ounce during the first half of this year, the report forecasts.
Last year, global demand for platinum by the automobile sector stood at 2,985 million ounces, largely fuelled by China’s rising needs.
Platinum and its sister metal palladium are mostly used in motor vehicle catalytic converters and jewellery manufacturing among other purposes.
Zimbabwe is the third largest producer of platinum in the world after South Africa and Russia. – New Ziana.