By Alex Chapiko
Harare – Zimbabwe’s second largest platinum group of metals miner, Mimosa Mining Company, has invested US$150 million in three projects to expand operations and create jobs.
Mimosa Mine, located in the Midlands Province along the mineral-rich Great Dyke, has one of the largest platinum reserves in Southern Africa with about eight million ounces of the metal.
Mimosa’s new projects commence in April and are expected to be operational for the next 20 to 25 years.
Mimosa MD Mr Fungai Makoni said, “We have a number of bankable projects that we have been working on and operations are expected to start in April at one of our portals. The target for the next 25 years is to scale up production.”
Part of the Mimosa expansion drive is an optimisation project for the processing plant to meet envisaged increased output at the Northill portal.
Mimosa, the oldest platinum mine in Zimbabwe, is owned by Implats and Aquarius Platinum Limited (Aquarius) in a 50-50 joint-venture. The mine contains platinum, nickel and palladium, whose ore is processed onsite and the concentrates are sent to Impala Platinum in South Africa for processing.
Mr Makoni said as a result of increased production, a new waste management facility would be commissioned this year.
“We want to start that project in May to improve our efficiencies. On waste management, we have storage facilities but we want to put up a new facility. We are looking at spending US$150 million in those projects,” he said.
The Mimosa MD added that the new projects were part of the company’s contribution towards a US$12 billion mining industry by 2023 set by government.
The mining sector is expected to generate about US$20 billion by 2030 in line with a roadmap to ratchet up the industry’s contribution towards economic growth.
Currently, the sector contributes 70 percent of Zimbabwe’s foreign currency earnings.
To help achieve the ambitious targets, the Mines and Mining Development Ministry this week signed an MoU with China’s Tsingshan Steel for investment in the stainless steel value chain.
Zimbabwe and Tsingshan signed a US$1 billion agreement in June 2018 to build a steel plant.
The ground breaking ceremony for the iron ore mine and carbon steel plant is scheduled for May 2021 in Manhize, Mvuma. A fluorite and limestone production plant will soon be set up,” reads part of the latest Cabinet brief.
“Tsingshan, through its subsidiary Afrochine, constructed two additional ferrochrome furnaces in 2020, and will construct additional furnaces in May 2021.”