Zimplats commits over US$362 on major projects in ...

Zimplats commits over US$362 on major projects in Q4

Zimbabwe’s largest Platinum Group Metals producer, Zimplats, has committed US$362.1 million on major projects as at September 30, as the group gears on upgrading its operations.

According to Zimplats’ quarterly report for the period ended September 30, the group has committed millions to its major projects, which include mine development and upgrades at Mupani and Bimha, base metal refinery refurbishment.

Mine development and upgrade projects at Mupani and Bimha, the group said, progressed according to plan with the group spending US$341 million against a budget of US$468 million.

“The mine development and upgrade projects at Mupani and Bimha progressed to plan during the quarter. The projects to develop Mupani Mine and upgrade Bimha Mine will replace Rukodzi Mine, which was depleted in FY2022, and the Ngwarati and Mupfuti mines, which will be depleted in FY2025 and FY2028 respectively. Cumulatively, US$341 million has been spent on those projects, with an additional US$57 million committed against a total project budget of US$468 million,” Zimplats said in the report.

According to the platinum miner, US$158 million was spent on smelter expansion and the SO2 abatement plan project with a further US$256 million committed against a project budget of US$521 million.

The base Metal Refinery refurbishment project consumed US$16 million during the quarter with a further US$14.1 million committed against a budget of US$190 million.

“Implementation of the Base Metal Refinery refurbishment project progressed well during the quarter, with US$16 million spent to date and a further US$14.1 million committed against a total budget of US$190 million,” the miner said.

Zimplats also spent US$1 million for its solar project with US$35 million committed as at September 30, against a budget of US$37 million.

“Implementation of the 35 MW solar plant project progressed as planned during the quarter with a cumulative US1 million spent on the project to date and US$35 million committed as at September 30 against a budget of US$37 million. This is the first of the project’s four phases which will be implemented at an estimated cost of US$2.9 million to generate 185 MW,” Zimplats said. – Mining Zimbabwe