Zim may offer unused platinum rights to Russia

[miningmx.com] – ZIMBABWE would offer unused mineral rights to new investors, said Walter Chidakwa, the country’s mines minister on Tuesday shortly after
shaking hands with Russian government officials on building a $3bn platinum mine.

Chidakwa had written to Global Platinum, a joint venture involving China’s Norinco International Cooperation asking why it had not started production after being awarded mineral rights previously owned by Impala Platinum (Implats) three years ago.

Zimbabwe could easily have had four producing platinum mines but Global Platinum – in which the Zimbabwe Mining Development Corporation is a partner, had dragged its heels, officials said.

As a result, the government is now intensifying efforts to take over “excess” and unused mineral claims and awarding them to new investors, most of whom are from newly acquired allies in Russia and China.

Global Platinum now stands to lose its concessions close to where Zimplats operates. Implats has an 87% stake in Zimplats.

Chidakwa was full of praise for Russia’s intention to help Zimbabwe build the 600,000 to 800,000 ounce a year Darwendale mine which would be a full tilt in 2024.

The project, which received the public blessing of Zimbabwean President Robert Mugabe, and Russian Foreign Minister, Sergey Lavrov, will have capacity to produce 265,000 oz of platinum in the first phase, expected to be completed by 2017.

A smelter and platinum concentrator will also be constructed in the first phase and forms part of Zimbabwe’s strategy to start refining it own metals rather than exporting concentrate to South Africa for beneficiation.

“The advent of the Russians in Zimbabwe’s platinum scene will bring an additional 250,000 ounces to our current output of 430,000 ounces within the next 36 months,’ Chidhakwa said at the signing and commissioning ceremony for the mine.

Platinum companies already operating in Zimbabwe, which also included Anglo American Platinum and Aquarius Platinum, are seeking a way out of a potential ban on raw platinum exports.

Zimplats has already said it is refurbishing its Selous refinery in response to the ban, but it has rubbished talk of a further expansion of its refinery, an investment that could total $500m.