Implats commits to Zimbabwe | Business Times

PHILLIMON MHLANGA

 

Impala Platinum Holdings Limited (Implats), the parent company of the country’s largest platinum group metals miner, Zimplats says it remains committed to maintaining presence in Zimbabwe, despite the harsh economic environment.

It comes at a time when the list of Zimbabwe’s miners’ woes is considerable.

Zimbabwe’s mining sector is battling severe headwinds including the painful reality of squeezed margins, falling revenues, soaring costs, cash conservation, crippling power cuts despite pre-paying for electricity, among many other challenges.

The miners are also grappling with punitive royalties and harsh liquidation policy on export earnings, which they said was not in line with production cycles.

Speaking yesterday at the official commissioning of the Zimplats’ third concentrator plant in Ngezi district, Mashonaland West Province, Implats board chairperson, Thandi Orleyn said the company is committed to continue doing business in Zimbabwe.

The commitment, however, depends on the country’s legislative framework.

“We see a future in Zimbabwe and we have been working very well with the government.

“So, we are hoping the environment will continue to allow us to invest more in this country,” Orleyn said.

“As long as we work through these issues in dialogue, we will make sure that we will look into opportunities.”

In its financial results for the quarter to March 31, 2023, Zimplats reported lower production for all its metals compared with the same quarter of last year.

Output of platinum, palladium, rhodium, ruthenium, iridium and gold (6E) PGMs, at 148 254 oz, was 8% lower compared with the December quarter and marginally lower than the 148 541 oz produced in the March quarter of last year.

Silver output decreased by 7% year-on-year and 12% quarter-on-quarter, to 11 365 oz.

Nickel production was 8% lower quarter-on-quarter and 3% lower year-on-year, at 1 420 t.

Copper production was 9% and 1% lower, compared with the preceding quarter and prior comparable quarter of 2022, respectively, at 1 051 t.

Cobalt output was 21% lower quarter-on-quarter, and 12% lower year-on-year, at 15t.

Zimplats said its mined tonnage decreased by 4% quarter-on-quarter, while its ore milled was 3% lower from the prior quarter at 1.88-million tonnes.

However, the milled volumes increased by 10% year-on-year.

The 6E head grade decreased by 3% quarter-on-quarter and 4% year-on-year, largely owing to an increase in lower grade stockpiles mined, dilution from mining across geological structures and mining of larger construction excavations.

 

 

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