Mineral output on target

since the beginning of the year is mainly a result of the constant firming of gold prices on the international market and general improvement in local economic condi­tions.
But the African Development Bank, in its monthly economic review for August, believes that the re-introduction of gold refining in the country can yield greater benefits for downstream industries.
“Since 2010, the country has been exceeding an annual threshold of 10 tonnes requisite for refinery,” said the review. “However, currently no refinery is being done at Fidelity Printers and Refiners due to via­bility problems. The company exports the bullion mainly to the Rand Refinery.
“However, the resumption of gold refining will help downstream industries, such as jewellers to purchase gold locally and reduce the cost of production. Jew­ellers are also currently importing silver at some added costs.”
It is expected that an injection of about US$50 mil­lion is required to start the refining process
But the figures show that platinum producers deliv­ered 5 650,9kg in the first half of the year, against an annual projection of 12 000kg.
The 12 000kg is the minimum requirement for the country to qualify to set up a refinery locally.
The Government has since called upon platinum producers operating in the country to set up refineries. Zimbabwe Platinum Holdings, the country’s largest platinum pro­ducer, has said the setting up of its refinery is on course.
Currently, all platinum produced in Zimbabwe is exported to South Africa in its raw form.
But observers note that there is need to boost elec­tricity generation or importation, if the smelting of platinum is to be done locally.
For nickel, 4 243,06 tonnes were delivered during the first six months of the year, against an annual target of             8 800 tonnes.
Nickel production is expected to increase, if the mothballed Bindura Nickel Mine reopens before the end of the year.
BNC recently reached agreement with its creditors and staff that would result in the conversion of their debt into equity to enable it to raise capital and resume operations.
Gold, platinum and nickel production is expected to grow by 15,8 percent, 10,8 percent and 10,1 percent, respectively this year.