Zimbabwe plans to produce one million ounces of platinum by 2020
Zimbabwe"s Impala Platinum Mines, one of the leading investors in the local mining sector, intends to expand its operations in the country to produce at least one million ounces of the white metal by 2020, local newspaper The Herald reported on Tuesday.
Impala plans to expand two of its Zimbabwe subsidiaries, Zimplats and Mimosa.
There were plans for a staggered development at Zimplats to produce 450,000 ounces of platinum per year within five to 10 years.
This production capacity was also expected to more than double within the next 10 to 15 years when it is projected that Zimplats, which boasts the largest known reserves of unexploited platinum group metals (PGM) in the world, would be producing one million ounces per year.
Zimplats" board has already approved, in principle, the expansion to 145,000 ounces of platinum.
On the other hand, Mimosa, with a current production capacity of 70,000 ounces of platinum per year, would be more than doubled to 150,000 ounces a year.
Platinum prices have been firming on the international market and the metal is currently selling at around 900 US dollars per ounce.
Zimbabwe has the second largest known reserves of platinum in the world and it shares more than 12 percent of the global reserves with South Africa.
Impala plans to expand two of its Zimbabwe subsidiaries, Zimplats and Mimosa.
There were plans for a staggered development at Zimplats to produce 450,000 ounces of platinum per year within five to 10 years.
This production capacity was also expected to more than double within the next 10 to 15 years when it is projected that Zimplats, which boasts the largest known reserves of unexploited platinum group metals (PGM) in the world, would be producing one million ounces per year.
Zimplats" board has already approved, in principle, the expansion to 145,000 ounces of platinum.
On the other hand, Mimosa, with a current production capacity of 70,000 ounces of platinum per year, would be more than doubled to 150,000 ounces a year.
Platinum prices have been firming on the international market and the metal is currently selling at around 900 US dollars per ounce.
Zimbabwe has the second largest known reserves of platinum in the world and it shares more than 12 percent of the global reserves with South Africa.