HARARE – Impala Platinum’s Zimbabwe operating unit, Zimbabwe Platinum Mines said on Monday output at its Ngezi operation, about 140 kilometres south-west of Harare rose by nine percent during the half year ended December 31, 2019, powered by a good show at a new shaft.
The firm, which trades its shares on the Australia Stock Exchange, said 3,6 million tonnes of platinum ore were mined during the period.
It also attributed the rise to improved fleet productivity.
Mupani Mine, which is under development, will replace two older shafts known as Rukodzi Mine and Ngwarati Mine once they are mined out and closed, Zimplats said in a statement accompanying financial results for the review period
“Tonnes mined during the half year increased by nine percent to 3,6 million tonnes compared to the same period last year benefiting from improved fleet productivity and additional tonnage from Mupani Mine which is still under development,” Alex Mhembere, Zimplats chief executive said.
He said tonnes milled increased by two percent to 3,4-million tonnes mainly owing to an increase in the milling rates at its two concentrators at Selous, and the operation in Ngezi.
Platinum mines are riding on steep rises in PGMs in the past year, which saw palladium prices hit a record US$2 300 per ounce during the period, complementing platinum, which has also had a good show.
Rhodium prices have also been robust, although in Zimbabwe and South Africa, which hold the world’s largest known reserves, both metals are mined as byproducts of platinum.
The rally is projected to continue, at least for another year.
