mugabe needs a bullet in the head
Rush for Zim platinum
By Khanyile Mlotshwa
ZIMBABWE’S platinum riches have sent precious stones investors into a rush akin to the gold rush of the colonial era with two international companies planning to expand their operations in the country.
South African based mining entrepreneur, Mr Loucas Pouroulis, indicated that he was looking forward to replicate the success of Eland Platinum (of South Africa) with another platinum venture called Kameni, which will develop new mines in South Africa and Zimbabwe.
Mr Pouroulis is non-executive chairman of Kameni.
He said Kameni would be funded initially through seed capital of R500m intended to take the two projects through to the bankable feasibility stage over the next 12 to 18 months.
Plans are then to raise another R2 billion ahead of a listing on the Johannesburg Stock Equities, which will raise around R5 billion to complete the construction of the two mines.
Kameni’s projects in South Africa and Zimbabwe contain a total resource of more than 90 million ounces of platinum group metals (pgm) and plans are to build mines each capable of producing 400 000 ounces annually.
In Zimbabwe, Kameni has so far put together a resource of 10 million ounces for its Bougai project but has put in offers on surrounding properties which will increase this to 30m oz.
The ground secured so far used to belong to Anglo Platinum’s Unki project but was surrendered in terms of the country’s indigenisation policy
Another South Africa company- Impala Platinum that owns Zimplats in Zimbabwe has pinned its initial production growth in the country after it announced that it was reviewing all projects in a bid to increase its long-term output.
Implats said it was also reviewing expansion projects at its South African mines.
Zimbabwe is the second biggest producer of platinum in the world after South Africa.