The President of Zimbabwe Dr Emmerson Dambudzo Mnangagwa has encouraged mining companies to follow in the footsteps of the country’s largest platinum producer, Zimbabwe Platinum Mines (Zimplats) for the mining sector to achieve a US$12 Billion achieve revenue by 2023.
Speaking at the Signing Ceremony of The Memorandum of Agreement between the Government of Zimbabwe and Zimplats at the State House today, the President said the Platinum mining giant undoubtedly has the largest operations in Zimbabwe and it is leading by example in their desire to expand their operations.
His Excellency said that Zimplats’ desire to expand its operations is a clear sign that investors have confidence in how the current government is operating to create a safe environment for business.
“It is exciting to note that a number of developments are happening within the platinum mining sector, pointing towards growth in line with Government’s vision. The growth is mainly anchored on exploration, opening up of new mines as well as expansion of existing projects.
“The coming in of the new projects as well as the expansion of existing ones is a testimony of confidence that investors are showing towards the Second Republic. My Government will always strive to ensure there is an enabling environment that supports business growth and security of tenure. We invite all our investors to come to Zimbabwe and do business with us for mutual benefits,” Mnangagwa said.
Zimplats intends to expand its existing operations through various projects with a total investment of US$1.4 Billion. These projects include new mine development, additional concentrator, Platinum Group Metals (PGMs) smelter expansion, PGM Base Metal Refinery (BMR) plant, sulphuric acid plant as well as the 110 MW Solar power plant.
The expansion project will generate employment to more than 2000 employees and the net benefit of the government will be estimated at just over US$1 billion over a five-year period.
The Sulphuric acid plant that the company intends to install will produce 100 kilotonnes per annum. The sulphuric acid will be used in the manufacturing of fertilizers in the country thereby reducing acid imports.
The President also praised Zimplats for the desire to improve and establish value addition and beneficiation plant supporting the government’s vision for the country to become an upper-middle-income economy by 2030 in line with the National Development Strategy-1 (NDS-1) which aims to improve local beneficiation levels in the mining sector to ensure the country benefit meaningfully from its natural resources.
“I am glad, therefore that Zimplats in one of its projects intends to construct a Base Metal Refinery (BMR). This is another giant step forward in local mineral beneficiation and value addition, as we move towards full beneficiation of platinum in the country,” the President said.
Zimplats also intends to develop a 110 MW solar power plant, with sufficient capacity to satisfy the needs of the company, including related mining and mineral beneficiation facilities.
The President implored the government and the private sector to continue working together to ensure the development of the country towards the achievement of Vision 2030.