Zimbabwe’s second-biggest platinum group metals (PGM) producer, Mimosa, recorded a 5% year-on-year increase in its attributable 4E PGM production for the six months ending December 31, 2024, Mining Zimbabwe can report.
By Rudairo Mapuranga
The rise, which brought production to 122,639 4E ounces, is attributed to a 6% increase in tonnes milled and higher plant recoveries following significant optimization projects at the plant.
During the period, tonnes milled or treated at Mimosa reached 734 kilotonnes (KT), a slight dip from the 735 KT recorded for the six months ending June 30, 2024, but a notable improvement compared to the 712 KT milled in the same period of 2023. This consistent improvement in milling capacity can be largely attributed to the successful commissioning of a plant optimization project in 2023.
The plant head grade for the six months ending December 31, 2024, was 3.39 g/t, marginally higher than the 3.38 g/t and 3.37 g/t recorded for June 2024 and December 2023, respectively. These incremental increases in grade, coupled with optimized recovery processes, contributed to the enhanced production figures.
Plant recoveries stood at 76.25% for the six-month period ending December 31, 2024, compared to 77.19% for the six months ending June 2024 and 76.47% for the period ending December 2023. While there was a slight dip in recoveries, overall efficiency remains high, indicating steady operational effectiveness.
The yield for Mimosa remained stable at 2.58 g/t for the six months ending December 31, 2024, unchanged from December 2023 but slightly lower than the 2.61 g/t recorded for June 2024. Despite minor fluctuations, the yield remained strong, supporting the overall increase in production.
For the six months ending December 31, 2024, total PGM production was 60,971 4E ounces, a slight decrease from the 61,668 4E ounces produced in the six months ending June 2024. However, it marked an improvement compared to the 58,966 4E ounces produced in the corresponding period in 2023.
Mimosa reported a 48% decrease in sustaining capital expenditure to US$30 million (R548 million) for the six months ending December 2024. This sharp decline is linked to the completion of the new tailings storage facility (TSF), commissioned in April 2024. The decline in capital expenditure has had a positive impact on the operation’s All-in Sustaining Cost (AISC), which dropped by 13% to US$1,152/4Eoz (R21,103/4Eoz) for the period.
Mimosa sold 59,349 4E ounces during the six months ending December 2024, up from 58,146 ounces in June 2024 and 56,838 ounces in December 2023. This reflects a steady increase in marketable production, driven by improved plant performance and higher throughput.
The average PGM basket price realized during the period was R22,162 per 4E ounce, slightly down from R22,283 in June 2024 and significantly lower than R22,819 recorded in December 2023. In US dollar terms, the basket price averaged US$1,237/4Eoz for December 2024, up from US$1,190 in June 2024 but higher than US$1,226 in December 2023.
Mimosa’s strong performance in 2024, particularly the increase in production and cost savings achieved through reduced sustaining capital and operational costs, sets the operation on a strong footing for future growth. The commissioning of new infrastructure, coupled with efforts to optimize production and reduce costs, will likely result in further operational improvements in 2025 and beyond.
With continuous investments in technology, safety, and environmental sustainability, Mimosa is well-positioned to maintain its role as a key player in Zimbabwe’s PGM industry, contributing to the country’s mining sector growth and revenue generation.
