adminAccording to the 2012 Platinum interim review report, Zimbabwe’s mines recorded a splendid first half.
“Zimplats and Mimosa continued to operate at full capacity while Unki reached steady-state production a year ahead of schedule.
“Platinum supplies from Zimbabwe are forecast to reach 360 000 oz in 2012, six percent higher than last year,” said the report.
Zimplats saw a two percent increase in platinum production in concentrate in the first half, to 95 000 oz.
The Phase II expansion project continued to make progress, however, this has now been slowed down in order to conserve cash and is likely to delay the ramp-up by a year.
“The Zimbabwe Government accepted in principle the new indigenisation plan submitted by Zimplats in March 2012 but management remains in discussions with the Government to finalise details.”
Mimosa Mine, a joint venture between Zimplats and Aquarius, logged a one percent increase in platinum production in concentrate to just under 54 00oz in the first half.
Unki Mine reached full production in the first half with equivalent refined production increasing by 46 percent year-on-year to almost 33 000oz.
“Head grade and labour productivity at the mine both improved, helping raise output,” said the report.
On the outlook, the report said world supplies of platinum in 2013 are forecast to remain subdued.
The tense labour situation and the possible closure of marginal operations in South Africa pose threats to supply while operations that have experienced illegal strikes were likely to take time to revert to normal production levels.
“The three biggest producers in South Africa had all cut their spending plans for 2013 before the wave of strikes hit the sector and the losses and uncertainty generated by the disruption have only added to financial pressures.
“There may be some growth in underlying production from Zimbabwe where, despite continuing political uncertainty, the Unki mine is set to ramp up output,” the report said.
Online Reporter