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Annual output of platinum in Zimbabwe could rise to at least one million ounces in the next five years if four additional concessions being developed start production, a cabinet minister has said.Zimbabwe has the second largest known deposits of platinum in the world after neighbouring South Africa.

Currently there are three mines operating in the country namely, Zimplats, Mimosa and Unki.

Mines and Mining Development Minister Walter Chidhakwa said commissioning of new projects would significantly increase platinum output.

“To date three companies, namely Zimplats, Mimosa and Unki are producing a total of  430,000 platinum ounces on the Great Dyke. An additional four concessions of Platinum Group of Metals (PGMs) are at different stages of exploration,” he said.

“If the four concessions are brought into operation the country’s total production could easily achieve the one million platinum ounces mark in the next five years. This will contribute significantly to our mineral extraction capabilities.”

Platinum accounts for about 36 percent of the country’s total mineral production.

Minister Chidhakwa said the launch of a multi-billion dollar platinum mine, the Great Dyke Investments, a joint venture between the Zimbabwe Mining Development Corporation (ZMDC) and Russian investors, was also another step towards achieving higher output.

The project, launched on Tuesday, will be developed in three phases and is expected to yield at least 530,000 ounces of platinum by the second phase to be implemented from 2018 to 2021.

“The advent of the Russians on the platinum stage in Zimbabwe is expected to increase industry production by an additional 250,000 platinum ounces per year over the next 36 months. It is also my hope that the programmes underway in existing companies will further increase PGM production.

“As we work on increasing extraction capabilities, greater effort on the part of government as well as private players in the platinum sector must be directed towards the setting up of beneficiation and value addition facilities,” he said.

Minister Chidhakwa discouraged the holding of claims for speculative purposes.

Platinum and its sister metal palladium are mostly used in motor vehicle catalytic converters and in jewellery manufacturing.  — New Ziana