Platinum Refinery Proposals Under Review in Zimbabwe

Platinum Refinery Proposals Under Review in Zimbabwe

With ore in tow, platinum producers in Zimbabwe submitted proposals to build refineries across the country, Bloomberg News reported. According to the report, submissions were accepted up until January 17, and now plans are under review.

Following South Africa, Zimbabwe is host to the second largest amount of platinum reserves in Africa producing 430,000 ounces annually. Bloomberg notes that the push to 500,000 ounces per year will require an investment of $5.3 billion.

“It’s pleasing that they have submitted the plans and they are now being looked at,” Fred Moyo, Deputy Mines Minister told Bloomberg.

“We sent in our responses to government and I think something will be agreed on. There are no indications when we will get a response, but obviously we will continue to talk and engage the government,” Winston Chitando,  executive chairman of Mimosa Platinum said in the report.

January 3, Zimbabwe’s Mines Ministry sent out an invitation letter to producers seeking to better localize and streamline business through the establishment of a refinery.

Producers at Zimplats Holdings Limited — owned 87 percent by Impala, according to Bloomberg — and Anglo American Platinum’s Unki mine were confirmed in the report to have submitted proposals.

According to the Bloomberg, the review process will carry on for an unspecified length of time.