News that the Central Bank of Zimbabwe has released stating that Zimbabwe’s platinum output increased in the first quarter is a light in the doom and gloom atmosphere in the country’s mining sector, which has been dogged by controversial indigenisation policy and threats of nationalisation of assets.
According to the Central Bank’s report, in the first quarter of 2016, there was a 43% increase in output in the platinum mining sector, from 43% to 4 321 kg from 3 020 kg compared to the same period in the previous year. Largely, the Bank said, ‘big guns’ including Zimplats, Mimosa and Unki contributed to the good performance.
Added a statement from the bank: “Platinum production also responded positively to the recovery in average international platinum prices that occurred during the first quarter of 2016.
“Platinum prices rose from an average price of US$908 per ounce during the fourth quarter of 2015, to US$913 per ounce during the first quarter of 2016.”