Zimplats commits US$4.7 million for exploration
The country’s biggest platinum producer Zimplats has committed over US$4 million for exploration projects for the first quarter of 2023.
Rudairo Mapuranga
While the company spent US$1.4 on exploration projects during the period ending 31 December 2022 it had committed to spending US$1.1 Million, this shows that the Company is determined to see mining growth and development in the country.
A total of US$0.4 million was spent on exploration projects during the quarter that ended 30 September 2022.
According to the company quarterly report for the period ending 31 December 2022, the company is committed to spending US$4.7 million on exploration projects.
“US$1.4 million was spent on exploration projects, with a further US$4.7 million committed as at 31 December 2022.
“Exploration activities included mineral resource evaluation, comprising approximately 7 968 metres of surface diamond drilling on mining ease ML 36,” Zimplats said.
During the quarter that ended 31 December 2022, several major projects have been carried out by the platinum miner.
“Development of Mupani Mine and the upgrade of Bimha Mine (to replace Rukodzi which was depleted in FY2022, Ngwarati, and Mupfuti mines, which will be depleted in FY2025 and FY2028 respectively), progressed well during the quarter.
“A total of US$274.6 million has been spent on the project to date. US$719 million has been committed against a project budget of US$468 million.
“The Ngezi third concentrator plant, which will increase milling capacity by 0.9 million tonnes per year (equivalent to circa 80000 6E ounces) was commissioned in September 2022.
“Cumulative project expenditure as at the end of the quarter amounted to US$971 million, with US$58 million committed against a project budget of US$1041 million. The plant ramped up production to nameplate capacity during the quarter.
“Implementation of the US$521 million smelter expansion and the SO2 abatement plant project remains on track, with US$49.8 million spent and US$242.9 million committed at quarter end.
“Execution of the 35MWsolar pant project which is Phase 1 of Zimpats’ 185 MW solar project progressed during the quarter with a total of US$08 million spent and US$ 0.4 million committed against a budget of US$37 million. The engineering, procurement and construction contract was awarded during the quarter. The solar plant is being constructed at Selous Metallurgical Complex and is targeted for completion in FY2024. Overall, the project has four implementation phases with the last phase scheduled for completion in FY2027 at a total estimated project cost of US$201 million.
“During the quarter, the board approved the refurbishment of the mothballed base metal refinery (BMR) at Seous Metallurgical Complex. The BMR is designed to process an equivalent of 5200 tonnes of nickel and associated base metals contained in converter matte. The project is in the initial stage of implementation. A total of US$0.3m has been committed with no expenditure recorded to date against a budget of US$1899 million,” said Zimplats.