Background of unki mines

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Background of unki mines

The country, home to the world's second biggest known deposits of platinum after South Africa, estimated at 2,8 billion tonnes of the platinum group metals PGMshas three platinum-producing mines namely Zimplats, a subsidiary of Impala Platinum ImplatsMimosa Mining Company, a joint venture between Aquarius Platinum and Implats and Anglo American's Unki Platinum Mine.

Background of unki mines

The decline in the international price of platinum has put the local platinum miners under pressure, with restructuring of businesses that has also entailed shutting some shafts in response to plunging commodity prices.

Zimplats' chief operating officer, Stanley Segula, said his company had rationalised its capital spend, pushing hard for volumes in order to remain afloat and cutting costs. The measures come against the background or increasing cost of production in the platinum sector, which have gone up by over 85 percent in recent years.

Segula told the Financial Gazette that in the platinum business, structure and processes need to be realigned to ensure they continue to deliver value. Platinum Ore "The stage where we are, it's no longer business as usual," said Segula. Commodity prices are quite soft and threatening.

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These are production improvement, cash preservation and cost management. This means we have to make sure the efficiencies are right; we have to stop spending where it's not really necessary to spend Over the years, platinum mining has become more difficult and more risky because the ore bodies have become deeper, although the miners have not gone deeper than two kilometres as is the case in South Africa where the miners have gone down to five kilometres or more.

This comes with complexities as the ore grade also changes with the cost of mining having gone up. Given the gloomy outlook for the platinum miners, serious restructuring is being considered. Already Anglo American Platinum, which owns Unki Platinum, is considering a head cut of about 20 percent at group level as well as further restructuring around the world.

Winston Chitando, the executive chairman of Minosa Mining Company, could not be reached for comment, but sources at the mine said Aquarius and Implats had decided against sinking a second shaft, preferring on-reef development for its current expansion programme. This had been coupled with depressed sales volumes and lower metal prices on the global markets.

No comment could be obtained from Unki general manager, Walter Nemasasi, but sources familiar with developments at the mine told this paper that the mine had put on hold expansion plans due to the fall of platinum prices.

In its report for the quarter to June 30,Angloplats said its Unki mine had produced 16 equivalent refined platinum ounces, four percent higher than the comparative period.

Following the agreed postponement of the taxes, the export of concentrate re-commenced on July 3,with concentrate stockpiled at the mine," it said. In a later report for the six months, Angloplats said capital expenditure projects had been revised down.

The global platinum market remains in deficit while the macro and price environment will remain challenging.

It also noted that: Elsewhere, governments are adopting strategies to save jobs in their mining sectors in the wake of the tumbling commodity prices on the international markets. In South Africa, the sector which contributes about seven percent to Africa's second largest economy, has come under pressure in recent years due to falling commodity prices, rising cost of operations occasioned by frequent power cuts and protracted labour unrest.

In response, the South African government has come up with a series of interventions that include boosting the platinum sector by promoting the metal as a central bank reserve asset.

Pretoria has also committed to establishing a fund to assist mining companies in retaining retrenched mineworkers. An estimated 23 South African miners have lost their jobs since April this year as falling metal prices and lower demand for commodities globally hurt earnings for local mining companies.

The administration in South Africa has even gone to the extent of intervening in power tariffs and supply disputes between certain miners and power utility, Eskom. For example, its mines ministry is mediating between Glencore and Eskom after a spat between the two companies over the price the state-owned company pays for coal.

Industry experts said the Zimbabwe government cannot continue to watch while the industry is fast driving towards the edge. They said while the fiscus may not have the funds to bail out struggling miners, like what is happening in South Africa, it must stop exerting unrealistic demands on the miners.

To ease pressure on the miners, it has been suggested that government should for now put on hold its beneficiation agenda, especially for PGMs producers and diamond miners to avoid further squeezing their cash-flows.

It is also being suggested that the tax regime be looked at once again to make it more competitive and in line with other countries.Ministry of Mines - Official Site Welcome to the Ministry of Mines and Mining Development. The Ministry of Mines and Mining Development has its key deliverable as the generation of revenue for the Nation of Zimbabwe through mining.

The Platreef, briefly mined in the s, was not exploited on a large scale until but by accounted for 15 per cent of ore treated by South African platinum mines. In a move likely to send shock waves amongst artisanal miners, the Reserve Bank of Zimbabwe(RBZ) is no longer capable of issuing out hard cash and is now urging the miners to open bank accounts,so that they access their monies through this facility.

The Reserve Bank of . Mimosa sells off houses to workers ZBC Mimosa Mining Company, the country’s largest platinum mine will embark on a property benefit scheme which will see the acquisition of company houses by employees as part of its empowerment drive.

Mimosa Tours Kidney Transplant Unit The Herald Technologies and anti-rejection drugs used during kidney transplantation are now advanced, giving hope to the. Strike-hit Anglo American Platinum (Amplats) was capitalising its mechanised mines and might spend up to Rbillion on them plus Amandelbult in the next ten years, Amplats CEO Chris Griffith.

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Zimbabwe Geological Survey Ministry of Mines and Mining. Unki prospect near Shurugwi in March and continued negotiating tax.

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