Home » Legal and Judicial Affairs » ZIMPLATS REVISES ZIMABWE RESERVES AFTER CEDING UNEXPLOITED LAND

HARARE-- The biggest platinum miner in Zimbabwe, the South African mining giant, Zimplats, has revised downwards its mineral resources and ore reserves estimates after it released unexploited land as required by the Zimbabwe government in June this year.

Ore reserves are the economically mineable part of a measured or indicated mineral resource.

The platinum giant released 27,948 hectares of its untapped platinum-rich land in the Ngezi area in Mhondoro in Mashonaland West Province after the government had given notice to compulsorily acquire the ground under the Land Acquisition Act.

The mining company had strongly objected the government's plans, but later agreed to cede the land, resolving an acrimonious mining land wrangle stretching back to 2013. The acquisition by the government was aimed at attracting more players into the sector.

Ore reserve tonnages and platinum ounces increased by 37 per cent and 33 per cent respectively relative to the 30 June 2017 estimates owing to the conversion of Upper Ores I to Ore Reserves, the company said.

The total mineral resource tonnages and platinum ounces declined by 51 per cent and 47 per cent respectively relative to June 2017 mainly due to the release of ground north of Portal 10 to the government of Zimbabwe as well as mining depletion during the year.

Zimplats said the overall mineral resource grade increased by 5.0 per cent while the overall ore reserve grade decreased by 2.0 per cent.

The open pit operation was decommissioned in March 2018 and as a result is no longer included in the life of mine plan and ore reserves, it said.

Zimplats Zimbabwe mines platinum group metals (PGMs) from the mineral-rich Great Dyke in Zimbabwe. The company is a subsidiary of one of the world's leading producers of PGMs; the South Africa-based and listed Impala Platinum Holdings Limited (Implats).

The company operates four underground mines in Zimbabwe but currently only three of the four underground mines are operating at full capacity while the fourth one is under redevelopment.

Source: NAM NEWS NETWORK

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