Zimplats 'committed to $500m mine expansion' 3rd March 2011
The Zimbabwe unit of Impala Platinum (Zimplats) is committed to $500 million (£307 million) mine expansion, although concerns remain over government plans to transfer majority ownership in foreign firms to local people, it is reported.
Muchadeyi Masunda, the company's deputy chairman, said that despite the worries, there is little option but to press on with the expansion plans, Reuters reports.
"As a board we are going to have to review the current situation in the light of what's going on at the moment," he told the new provider, indicating that the project will be re-examined in May.
Mr Masundi went on to explain that the key players in the Zimbabwean mining industry, such as Rio Tinto and Anglo Platinum, need to discuss the proposed mining law amendments.
"The most important thing is constructive dialogue," he added.
Speaking to Reuters at the sidelines of the NG Mining conference, Mr Masundi went on to say that the company is "very bullish about the future".
The news agency reports that Zimplats foresees its Ngezi phase 2 expansion to increase annual platinum output from 180,000 oz to 270,000 oz.
Mining Weekly reported recently that the company will import power from the Cahora Bassa dam in Mozambique to develop its interests in Zimbabwe, which has the second-largest platinum reserves after South Africa.
Source:
Zimplats committed to $500 mln expansion-dep chairman (03/03/11)
Muchadeyi Masunda, the company's deputy chairman, said that despite the worries, there is little option but to press on with the expansion plans, Reuters reports.
"As a board we are going to have to review the current situation in the light of what's going on at the moment," he told the new provider, indicating that the project will be re-examined in May.
Mr Masundi went on to explain that the key players in the Zimbabwean mining industry, such as Rio Tinto and Anglo Platinum, need to discuss the proposed mining law amendments.
"The most important thing is constructive dialogue," he added.
Speaking to Reuters at the sidelines of the NG Mining conference, Mr Masundi went on to say that the company is "very bullish about the future".
The news agency reports that Zimplats foresees its Ngezi phase 2 expansion to increase annual platinum output from 180,000 oz to 270,000 oz.
Mining Weekly reported recently that the company will import power from the Cahora Bassa dam in Mozambique to develop its interests in Zimbabwe, which has the second-largest platinum reserves after South Africa.
Source:
Zimplats committed to $500 mln expansion-dep chairman (03/03/11)
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