Zimbabwe’s platinum output has increased by 17% to 128 000 ounces (oz) during the second quarter of this year compared to last year after processing matte backlogs from Unki mine.
In a report, World Platinum Investment Council (WPIC) confirmed the development.
“Zimbabwean production increased by 17% year-on-year as a backlog of matte from the Unki smelter was processed through the ACP and refined,” the report said, noting that platinum production stood at 110 000oz during the second quarter of 2020.
The WPIC projected that Zimbabwe’s platinum output would rise by 17 000oz this year as the backlog of semi-finished inventory is refined in South Africa.
Last year, Zimbabwe produced 448 000oz of refined platinum.
Zimbabwe is currently the world’s third-largest proven platinum reserves after South Africa and Russia, and what it produces has an impact on global output and pricing trends.
Platinum is one of Zimbabwe’s biggest foreign currency earners, with South African mining companies such as Impala Platinum (Implats) and Anglo-American Platinum (Amplats) owning the biggest PGM mines in the country.
According to the government’s vision of attaining a US$12 billion mining economy by 2023, platinum is expected to contribute US$3 billion per year.
According to WPIC, global supply jumped by 65% year-on-year to 1,6 million ounces during the period, the highest output per quarter in the past two years.