adminlevels in the 2014 financial year.
Speaking to the Herald Business on the sidelines of the company’s fourth quarter results presentation, Zimplats chief financial officer Mr Patrick Maseva-Shayawabaya said the company was not anticipating a major upturn in production levels for the upcoming financial year.
“Although the company has met the target of 180 000 to 190 000 ounces of platinum at the close of this financial year, we are not anticipating a major upturn in production next year.
“The coming on stream of the Phase II project is expected to drive up production in the 2014 year,” he said.
The US$445 million Ngezi Phase II expansion project, consists of a two million tonnes per annum (mtpa) underground mine, two mtpa concentrator module, a 35 000 megalitre dam and a 9-kilometre ore overland conveyor.
The expansion is expected to result in annual platinum output increasing from 180 000 ounces to 270 000 ounces.
Meanwhile, Zimplats chief executive Mr Alex Mhembere said modalities for the company’s listing on the Zimbabwe Stock Exchange would be considered after its framework for compliance with the indigenisation programme has been considered by the Government.
A listing on the local bourse, in addition to community involvement, is part of the platinum producer’s submissions to the Minister of Youth Development, Indigenisation and Empowerment, Saviour Kasukuwere. The Zimplats boss’ comments come in the wake of statements by Minister Kasukuwere to the effect that the majority of submissions by mining companies were “inadequate”.
Minister Kasukuwere has also recently indicated that empowerment credits had been discarded in favour of direct equity disposal to communities, workers and management.
Mr Mhembere, however, added that his company is yet to receive official word from the Government in respect of its submissions.
Asked why Zimplats seemed unfazed by the indigenisation requirements, Mr Mhembere responded: “Risks are an inherent part of our business as with any other business operation, and we manage them as best as we can.”
Online Reporter
Bongani Ndlovu