HARARE – Zimbabwean platinum miners have ignored policy uncertainties in the country and continued to ramp up production, according to the central bank.
The Reserve Bank of Zimbabwe’s (RBZ's) report for the first quarter of 2016 showed platinum output rose by 43% to 4 321 kg from 3 020 kg in the prior comparative year. The RBZ attributed the growth to increased production across all producers including Zimplats, Mimosa and Unki.
“Platinum production also responded positively to the recovery in average international platinum prices that occurred during the first quarter of 2016,” said the RBZ.
“Platinum prices rose from an average price of US$908 per ounce during the fourth quarter of 2015, to $913 per ounce during the first quarter of 2016,” it added.
The growth in platinum production comes at a time when the Zimbabwean government has taken court action agains Zimplats, seeking the compulsory acquisition of 28 000 hectares of mining land belonging to the mining company.
Zimbabwe also recorded growth in nickel production which increased to 4 874 t in the first quarter of 2016, compared to 4 440 t produced in the same period in 2015.
Gold production was also ramped up to 5 060 kg in the first quarter of 2016, up from 4 180 kg produced during the comparable period in 2015.
The growth in gold production comes as analysts, particularly in the United Kingdom, are advising investors to seek refuge in gold stocks as sterling is weakening against the United States dollar.