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THE Zimbabwean unit of Impala Platinum Holdings Ltd., the world’s second-biggest producer of the metal, plans a new mine to replace older operations.

Portal 6 will replace the Rukodzi and Ngwarati mines, which deplete in 2022 and 2025 respectively, Zimplats Holdings Ltd. said in an e-mailed response.

The full design work and bankable feasibility study are at an advanced stage and will be submitted to the company’s board in August for approval, it said. The portal has a life of 34 years and would employ about 800 full-time employees and 200 contractors.

Once Portal 6 is operational, Zimplats will produce 260 000 ounces of platinum and 220 000 ounces of palladium for more than 30 years, it said.

Zimplats, which is 87 percent owned by Impala, will process the mined ore into smelted matte at the Ngezi facility, which was recently upgraded, it said. Zimbabwe has the world’s biggest platinum reserves after neighbouring South Africa.—Bloomberg.