adminWork to establish Zimbabwe’s first ever platinum refinery is on course with feasibility studies for the plant having been completed, an official said last week.Zimplats chief executive Mr Alex Mhembere said the three main producers were in support of the Government call for local beneficiation of minerals.
“The three of us (Zimplats, Unki and Mimosa) are working together to build a refinery. A feasibility study has been completed and as we speak work is in progress to establish a centralised refining facility,” he said.
Mr Mhembere said currently some form of beneficiation on platinum was taking place as two of the three operating platinum mines were producing concentrate while the other was producing matte after smelting.
The platinum refinery is expected to cost at least US$2 billion to set up. Zimbabwe has the second largest known platinum reserves in the world after South Africa but its three main producers Zimplats, Unki and Mimosa take their ore for processing in South Africa.
The absence of a local refinery has resulted in the loss of revenue and job opportunities to the country.
Analysts contend that establishment of a refinery would significantly increase revenue that the mineral brought in since it is found in abundant quantities in the country.
Platinum accounts for at least 36 percent of Zimbabwe’s total mineral production. This year production is expected to reach 12 500kg up from 10 524kg mined last year.
Demand for platinum has dipped over the years as effects of the global financial recession took hold on leading automobile industries that either closed shop or cut back on operations.
Platinum and its sister metal palladium are mostly used in motor vehicle catalytic converters and in jewellery manufacturing.
For the first time in seven years the global platinum market recorded a narrow deficit of 83 000 ounces in 2012 mainly due to labour unrest in South Africa, the world’s biggest producer. – New Ziana.
Online Reporter