Mimosa increases production as platinum grade depletes

Mimosa increases production as platinum grade depletes
Published: 18 March 2018 (289 Views)
ZVISHAVANE-BASED platinum miner, Mimosa, has been forced to increase its production and push volumes as its sales are being affected by the depleting grade of its mineral as well as plummeting platinum prices on the international market.

In a presentation during Minister of State for Midlands Provincial Affairs Owen Ncube's (pictured far right) familiarisation tour of Mimosa last week, the company's technical manager, Mr Didimalang Bhuti said Mimosa platinum's grade had gone down while the prices of platinum had drastically dropped.

Mr Bhuti said platinum was now fetching less on the international market and the company has been forced to increase its production so as to stay afloat.

"As a company we are facing some challenges. These challenges vary from electricity supply, decrease in head grade and growth and dropping grade. Our grade has dropped and this means it's now fetching less on the market. As a remedial action, we are now increasing the tonnage so that it compensates for the decreasing grade. The prices of platinum have also dropped from $2 000 per tonne to $1 000/t," he said.

Mr Bhuti said at current production levels, the company has a lifespan of 30 years from the explored mineral deposits. The company is producing 2,9 million tonnes of platinum per year. He said the country had 2,8 billion tonnes of platinum deposits and Mimosa has 124 million.

"As it stands we have a lifespan of 30 years. In Zvishavane we have 124 million tonnes of platinum deposits, in Shurugwi there are 284 million tonnes and in Ngezi there are 2,4 billion tonnes of platinum deposits. At the moment we are extracting 2,9 million tonnes per year," he said.

The country's second platinum mining company employs close to 3 000 people. Minister Ncube applauded Mimosa for significantly contributing towards the development of Zvishavane and Midlands Province as a whole.

- zimpapers

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

President Mnangagwa a Tonga from Zambia?

by Mandla Ndlovu | 18 March 2019 | 52 Views

Bus swept away in Chimanimani

by Staff reporter | 18 March 2019 | 43 Views

Chipinge MP's wife survived by climbing a tree

by Staff reporter | 18 March 2019 | 41 Views

Zimbabweans struggle with storm floods

by Al Jazeera | 18 March 2019 | 42 Views

Jonathan Moyo recruits Kasukuwere

by Mandla Ndlovu | 18 March 2019 | 49 Views

Chamisa descends in Chimanimani as Cyclone Idai kills 82

by Mandla Ndlovu | 18 March 2019 | 39 Views

Rhodesia was 'successful' because essentially it was a province of SA

by Baffour Ankomah | 18 March 2019 | 35 Views

Army dumps Chipinge pupils?

by Mandla Ndlovu | 18 March 2019 | 37 Views

Chamisa in pole position as MDC Alliance congress beckons

by Staff reporter | 18 March 2019 | 19 Views

Mnangagwa back from UAE

by Staff reporter | 18 March 2019 | 28 Views

Mnangagwa to swear in Chidawu today

by Ndou Paul | 18 March 2019 | 31 Views

Chamisa to tour cyclone-ravaged areas

by Staff reporter | 18 March 2019 | 30 Views

We were misled - Doctors

by Staff reporter | 18 March 2019 | 33 Views

'Army killings stiffled UK efforts to lift sanctions on Zimbabwe'

by Staff reporter | 18 March 2019 | 24 Views

MDC will not campaign for sanction removal for now

by Staff reporter | 18 March 2019 | 29 Views

Chamisa rekindles his fight with Masvingo mayor

by Staff reporter | 18 March 2019 | 17 Views

Zimbabwe cyclone Idai death toll climbs to 89

by Reuters | 18 March 2019 | 16 Views

Makomo wins claims dispute

by Staff reporter | 18 March 2019 | 79 Views

Govt deploys psychologist to 'haunted' Bulawayo school

by Staff reporter | 18 March 2019 | 75 Views

Joshua Nkomo family fumes over 'delayed' Harare statue

by Staff reporter | 18 March 2019 | 81 Views

'Currency floating brings stability'

by Staff reporter | 18 March 2019 | 112 Views

Zinara audit exposes double-dippers

by Staff reporter | 18 March 2019 | 79 Views

Zimbabwe targeting to process FDI approvals in hours

by Staff reporter | 18 March 2019 | 70 Views

Zanu-PF shadow MP comes to the rescue of Harare Hospital

by Staff reporter | 18 March 2019 | 79 Views

Chombo goes to Supreme Court

by Staff reporter | 18 March 2019 | 75 Views

82 dead as cyclone toll doubles in Zimbabwe, more feared dead

by newzimbabwe | 18 March 2019 | 135 Views

We cannot blame Nelson Chamisa without blaming all of us

by Reason Wafawarova | 18 March 2019 | 89 Views

Cyclone Idai to subside

by Staff reporter | 18 March 2019 | 97 Views

Mnangagwa impressed by UAE rise

by Staff reporter | 18 March 2019 | 80 Views

Zera to beat SADC lightbulbs deadline

by Staff reporter | 18 March 2019 | 60 Views

Mnangagwa returns to be with people

by Staff reporter | 18 March 2019 | 64 Views

Bosso falls to Wankie

by Staff reporter | 18 March 2019 | 66 Views