The country’s largest platinum mining firm, Zimplats is in talks with the government over its indigenisation implementation plan (IPP).
In its latest trading update for the quarter ending June 30 this year, Zimplats said it has already fulfilled its employee share ownership scheme with the indigenisation implementation roadmap still under consideration by regulatory authorities.
The rebound in global platinum prices has resulted in the country’s largest platinum mining firm, registering increased revenue inflows thereby contributing US$51 million to government in direct and indirect taxes, notes the report.
The redevelopment of the Bimha Mine is also on course with US$36 million having been spent from a total budget of US$92 million.
The Bimha Mine experienced a partial collapse in 2014 however the platinum mining firm said it is now targeting full scale operations of the unit by April next year.
Zimplats controls 60 percent of the country’s platinum mining sector a move that has seen it being considered by government critical in terms of unlocking value on mineral export receipts.
Market watchers say the entire platinum mining sector is on a recovery trend following the rise in prices of the commodity in the global markets.
According to the global commodity markets report Zimbabwe holds the second largest platinum reserves in the world, after South Africa.