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Impala Platinum announces R2.3 billion investment in Zimbabwean mines |
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Tuesday, 16 September 2008 |
 Impala Platinum has confirmed that it will be investing around 2.3 billion rand over the coming few years to increase output at its two Zimbabwean mines.
The country is believed to be home to the world's second-largest platinum deposits (after South Africa) along the mineralised, 530km Great Dyke stretch of land, which is 12km wide in some places.
The majority of the investment will be for Zimbabwe Platinum Mines - operator of an open-cast and underground mine at Ngezi - whose production will be increased from 95,000 oz to 180,000 oz by 2011.
In addition, production at Mimosa, situated on the Wedza geological complex just east of Bulawayo, will be expanded from 85,000 oz to 100,000 oz.
Impala Platinum executive director Les Paton said: "Most of it would be on capital expenditure, like replacement of equipment and machinery and the like.
Paton also explained that the company - which employs around 5,000 workers in Zimbabwe - is waiting for further developments after the country's political leaders adopted a shared power settlement.
He added: "We have been on record saying we can play a significant role in Zimbabwe's future, but clearly the current economic environment needs to change."
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