HARARE - Zimbabwe’s platinum sector has reawakened, staving off years of constrained greenfield as investors kickstart new projects to boost existing operations.
The country’s industry is dominated by South African operators such as Anglo Platinum, Impala Platinum and Sibanye Stillwater. New investor Karo Resources has also entered and will today hold a groundbreaking ceremony at its site in Mashonaland.
It will operate on land taken over by the government from Zimplats, the Zimbabwean unit of Implats.
President Emmerson Mnangagwa is expected to attend the event.
Karo has signed a $4.2billion (R56.9bn) deal for the investment, while Tharisa has also advanced an $8million funding facility for Karo to kickstart the Zimbabwe operation, which will include a mine and beneficiation facility.
As activity peaks, mining firms have been rushing to invest in beneficiation facilities.
Failure to process the metal inside Zimbabwe will attract a 15percent levy on exports of raw platinum.
Anglo Platinum said yesterday that it was now finalising its smelter facility for the Unki Mine. This leaves Mimosa - which is jointly run by Implats and Sibanye - as the only mine that has not yet made official its position to comply with Zimbabwean requirements.