Zim approves fourth platinum mine
HARARE – Cabinet approved a Kazakhstan company, Todall, to mine platinum in the Midlands area of Zvishavane in central Zimbabwe, bringing to four the number of platinum producers in the country, Mines and Mining Development Minister Walter Chidhakwa has said.
Chidhakwa said the new company, jointly owned by a Kazakh investor and the Kazakhstan Government, purchased the Bokai concession through the London Stock Exchange where it was sold by a Zimbabwean company which previously held the concession.
“There is a company that will be mining platinum very close to Chachacha in Zvishavane. This is a platinum resource which was allocated to a local company some time ago and the company went on to dispose of it on the London Stock Exchange.
“These new investors recently approached us claiming the concession and indicated that they have since spent in excess of $60 million on the ground through sinking two shafts and other developments,” he said.
He added: “Cabinet was very unhappy about the part that the concession had actually been sold but it was agreed that they go on to mine.”
Chidhakwa said the Zimbabwe Mining Development Corporation (ZMDC) is also a partner in the platinum mining project in line with the country’s indigenisation policies.
The Bokai concession, which is found along the Great Dyke, has an estimated reserve of 15 million ounces of platinum.
Zimbabwe, one of the top platinum producers in the southern African region, in 2013 announced plans to refine the mineral locally and ordered miners to build refineries.
The three major companies mining platinum in Zimbabwe are at present shipping ore to South Africa for refining.
Government through the ZMDC recently created a joint venture company that will build a $200 million platinum refinery, a development expected to curb the export of raw platinum. – New Ziana