mining equipment.jpgThe Zimbabwe Youth Council (ZYC) is lobbying government to enact a policy that forces platinum producers to build a base and precious refinery in the country within the next 12 months.

ZYC’s move is aimed at promoting beneficiation of platinum resources since the country has been losing revenue by exporting raw platinum ore.

ZYC began its lobby by meeting members of the Parliamentary Portfolio Committee on Gender and Youth Development.

ZYC Chairman, Mr Hamilton Pazvakavambwa said the indigenisation proposals by Zimplats and other platinum producers should only be accepted if they commit to building a refinery by next September.

The youth representative body also proposed that monetary authorities should put in place measures to enforce mining companies to bank 100% of revenues generated from locally mined platinum with local financial institutions which are being affected by the liquidity crunch yet play a greater economic role.   

Zimbabwe has the second largest deposits of platinum ore in the world and the mineral currently accounts for 36% of the country’s total mineral production.