Zimplats to invest US$1,4 billion

28 Oct, 2021 - 11:10 0 Views
Zimplats to invest US$1,4 billion President Mnangagwa and his deputy Vice President Constantino Chiwenga and permanent secretary in the Ministry of Mines and Mining Development Onismo Mazai-Moyo look on as Mines and Mining Development Minister Winston Chitando and Zimplats chief executive Alex Mhembere sign the Memorandum of Agreement at State House this morning. Picture credit: Presidential Communications

The Herald

Mukudzei Chingwere Herald Reporter

Zimbabwe’s largest mining company, Zimplats has signed a Memorandum of Agreement that will see the mining giant investing US$1,4 Billion to bolster its foothold in the economy.

The signing of the memorandum which was witnessed by President Mnangangwa will see the mining concern establishing a base metal refinery, itself a huge step towards local mineral beneficiation and value maximisation.

The platinum miner is also targeting to develop a new mine, expand the capacity of its smelter which will see the setting up of integrated projects, including the development of a new mine; expansion of the smelter, construction of an additional concentrator, base metal refinery, sulphuric acid plant and the setting up of a 110 MW solar power plant.

Speaking after the signing of this milestone investment, President Mnangangwa noted this is evidence of the comfort that capital continues to show in the new dispensation.

President Mnangangwa also noted that the investment by Zimplats and other mining concerns that are involved in various activities across the country augurs well for the 2023 US$12 billion mining economy and the 2030 Upper middle-income economy vision.

“The envisaged investment of US$14 billion by ZIMPLATS is a welcome development. This will see the setting up of integrated projects, including the development of a new mine; expansion of the smelter, construction of an additional concentrator, base metal refinery, sulphuric acid plant and the setting up of a 110 MW solar power plant.”

“Government welcomes the intention by ZIMPLATS to construct a Base Metal Refinery as a crucial step towards local mineral beneficiation and value addition of the platinum group of metals.

“The sulphuric acid plant, will contribute strategic raw materials needed in the local manufacturing of fertilizers and help reduce the importation of sulphuric acid,” said President Mnangagwa.

“The adoption and use of smart energy sources by ZIMPLATS through integrating the development of a 110 MW solar power plant is also commendable.”

Vice President and Minister of Health and Child Care Dr Constantino Chiwenga hailed the company’s commitment saying the mining giant was leading by example in forging good operational relations with the Government.

“It is therefore only logical that we do not export our minerals as unprocessed goods.

“Adding value to the minerals before exporting means that we are able to generate more revenue as well as create wealth and employment opportunities for our people,” said VP Chiwenga.

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