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Munyaradzi Musiiwa, Midlands Correspondent
ZVISHAVANE-based platinum mine, Mimosa Mining Company will soon scale up production and increase efficiency as well as implementing sustainable cost management programmes to cope with the plummeting platinum prices on the international market.
Speaking at the 11th Mimosa Mining Company Long Service and Superior Performance Awards ceremony last week, Mimosa executive chairman Mr Winston Chitando said platinum prices that have been on a free-fall had an impact on the company’s profitability.
Mr Chitando said the mining sector should brace itself for “tough times” ahead as the prevailing market trends for it to stay afloat and be able to turn around the economy.
“It would be remiss not to acknowledge that, over the past months, platinum prices have been on a free-fall.
Naturally, we should brace ourselves for tough times ahead as the prevailing market trends will most likely affect our profitability. As an organisation that aspires to be in the lowest cost quartile of platinum producers, our focus will remain on increasing volumes and efficiencies as well as implementing sustainable cost management programmes,” he said.
Mr Chitando said Mimosa had recorded more than five million successive fatality free shifts hitherto two fatal accidents that occurred at the mine late last year.
“While at some point we were able to achieve
5 078 053 successive fatality free shifts, this run was sadly marred by two fatal accidents that occurred at the mine. Despite the incidents, we remain determined to attain zero harm in all our undertakings and will continue to rally our workforce to remain vigilant in ensuring that safety underpins all processes,” he said.
Mimosa is also in the process of setting up a refinery as a partial fulfillment of the Government directive to set value add minerals as espoused in the economic blue print Zim Asset.
In a separate interview Mines and Mining Development, Deputy Minister Fred Moyo said plans of setting up refineries were at advanced stages and would soon start exporting matte.
He said the setting up a refinery was being affected by the plummeting prices of metal on the international market.
“My understanding is that Unki Mine has invited interested contractors and they would do the tenders and Mimosa is still doing feasibility studies while Zimplats are finalising their construction of the base metal processing plant,” he said.
Bongani Ndlovu
Online Reporter