Zimbabwe’s platinum mining sector is benefitting from a rebound in global commodity prices, with the nation’s biggest producer of the metal, Zimplats, registering a 58 percent growth in profits.
The international platinum price which reached an all time low of US$900 an ounce last year is now on an upward trend averaging US$1100 dollars an ounce ,thus presenting opportunities for viable conditions to the country which boasts of second largest known reserves of the commodity after South Africa.
While the entire country’s platinum mining sector had suspended capital projects due to unviable global prices, the sudden rebound in prices has seen Zimplats reviving most of its projects.
According to the recently released platinum mining company’s report for the fourth quarter ending March this year, the firm’s profits rose to $64,5 million by March this year from $40,8 million in December 2017.
The anticipated upward trend in platinum global prices is also expected to result in the platinum mining sector playing a crucial role in terms of economic growth, according to the company.
The redevelopment of Bimha Mine, one of the key platinum units for Zimplats is also expected to reach full production this year after the injection of $54,2 million on the project.
Zimbabwe’s three platinum mining firms, Zimplats, Mimosa and Unki are also focusing on setting up refinery plants in order to ensure the nation gets maximum value of returns from the mineral commodity.