Story by Tichaona Kurewa
ZIMBABWE has emerged as a global platinum giant, with the World Platinum Investment Council (WPIC) revealing sustained growth in the country’s deliveries of the mineral.
Zimbabwe is the third largest producer of platinum after South Africa and Russia.
The World Platinum Investment Council in its second quarter report revealed that Zimbabwe’s supply edged two percent to 126 thousand ounces, its highest since 2021.
This has been attributed to higher output from Zimplats as additional milled ore volumes from the commissioning of a concentrator were realised.
Zimbabwe also benefited from a Zambian power import agreement, mitigating the impact of national load shedding that affected other producers in the country.
The report predicted that platinum production in Zimbabwe is expected to hit an all-time high of 502 thousand ounces in 2023, a 5% year-on-year increase.
University of Zimbabwe Business School Director Professor Albert Makochekanwa attributed the growth to continued investment in the mining industry.
“The Platinum Quarterly report is in order. It reinforced the Mining Industry Prospects for the 2023 State of the Mining Industry Report by the Chamber of Mines. The report showed that in 2023, Platinum output was expected to grow by 4% and this is more or less what has been predicted,” he said.
The growth of the platinum sector will bolster the attainment of the 12 billion United States dollar mining industry by the end of the year.
“The report by the World Platinum Investment Council fits well with the US$12 billion mining industry target by 2023. I can’t recall where we are now but all I know is projections putting together all minerals together as a country we are or have already surpassed the US$12 billion mining industry. The increase in platinum production alone, is one way that we can say has contributed significantly to the set target,” said Professor Makochekanwa.
Meanwhile, a report by the Chamber of Mines in Zimbabwe has revealed that over 50 thousand jobs were created in the mining industry last year, on the back of massive investments in the sector.
