Deprecated: File /var/www/wp-content/plugins/amp/includes/widgets/class-amp-widget-categories.php is deprecated since version 2.0.0 with no alternative available. in /var/www/wp-includes/functions.php on line 5579

Deprecated: File /var/www/wp-content/plugins/amp/includes/widgets/class-amp-widget-archives.php is deprecated since version 2.0.0 with no alternative available. in /var/www/wp-includes/functions.php on line 5579

Deprecated: File /var/www/wp-content/plugins/amp/includes/widgets/class-amp-widget-text.php is deprecated since version 2.0.0 with no alternative available. in /var/www/wp-includes/functions.php on line 5579
Capex for Zim platinum sector to reach $132m in 2017 - Zimbabwe Today
Notice: Undefined variable: fm_appid in /var/www/wp-content/plugins/facebook-members/facebook-members.php on line 71

Notice: Undefined variable: fm_appid in /var/www/wp-content/plugins/facebook-members/facebook-members.php on line 81

Capex for Zim platinum sector to reach $132m in 2017


Notice: Undefined variable: fm_appid in /var/www/wp-content/plugins/facebook-members/facebook-members.php on line 71

platinum
HARARE  –  Zimbabwe’s capital expenditure in the platinum sector rose 12 percent to $66 million in 2016 and should double this year, according to the Thomson-Reuters’ GFMS Platinum Group Metals Survey 2017

Last year, the capital expenditure for the sector was largely driven by the re-development work at the country’s largest platinum producer, Zimbabwe Platinum Holdings’ (Zimplats) Bimha mine following a partial collapse.

The redevelopment of the Bimha mine will eventually cost a total $100 million. And another mine development at Zimplats, the Mupani mine at a total cost of $264 million, is expected to boost capital expenditure in the sector this year.

“Capital expenditure rose by 12 percent to $66 million, and is expected to nearly double in 2017 as development work begins at the Mupani mine,” reads part of the report.

Meanwhile, in terms of output, Zimplats’ Ngezi mine contributed significantly to the country’s platinum output last year.

“In Zimbabwe 3E PGM production surged by 21 percent to a record level of 0.91 Moz (28 t) aided by higher output at Ngezi across all three metals. Production at the mine was supported by higher throughput stemming from increased tonnage at the Mupfuti and Bimha mines, and the processing of the remaining stockpile material from the outage of Zimplats’ smelter in May 2015.

“Though redevelopment efforts at Bimha mine continued, these didn’t hinder production to the same level as in 2015.

“Elsewhere, platinum in concentrate output at Mimosa rose modestly on the back of higher throughput, though partially offset by an accident in January, while at Unki, a 7 percent jump in head grades was behind the increase.

Ngezi mine also contributed significantly to higher output of palladium, although the mineral’s global deficit grew during the period.

“Palladium’s Physical Deficit grew by a quarter in 2016 to 1,20 Moz (37,3 t). Adjusting for stock movements (from ETF redemptions), the Net Balance rose to a deficit of 0,67 Moz (20,9 t).

“Mine production of palladium contracted by 2 percent to total 6,57 Moz (204 t) last year as output fell in South Africa, Russia, and Canada, but was supported by the ramp-up of operations in Zimbabwe and the United States.

“The closure of high cost shafts in South Africa, processing constraints in Russia, and lower grades in Canada echoed some of the challenges faced by these countries in 2012. At the asset level, the largest decrease was registered at Norilsk’s Russian operation, while the largest increase was posted at Ngezi in Zimbabwe, lifting the country’s supply by 20 percent year-on-year.”

Source :

Check Also

Zimbabwe: Young Women Rallied to Participate in Economy


Notice: Undefined variable: fm_appid in /var/www/wp-content/plugins/facebook-members/facebook-members.php on line 71
By Rumbidzayi Zinyuke First Lady Amai Auxillia Mnangagwa has challenged young women to actively participate …

This function has been disabled for Zimbabwe Today.