New platinum players to undergo due diligence

MINES minister Walter Chidhakwa has said government is committed to carrying out a thorough due diligence analysis on the two companies that have been shortlisted to set up a platinum refinery in the country as part of beneficiation plans.

Business Reporter

Chidhakwa made the remarks while addressing journalists in the capital on Tuesday.

“A team will be led by the Permanent Secretary (Francis Kudyanga) to visit the centres. But  I will not mention the origin of the companies that have been shortlisted. The due diligence will look at the company capacity and its manpower levels,” he said, adding that there are three leading platinum producers in the country — Unki, Mimosa and Zimbabwe Platinum mines.

Chidhakwa said there were close to four other platinum players that were holding on to claims for speculative purposes.

“We have got claims that we have issued out to three or four other players and nothing is happening. There are exploration reports but they are not doing anything.

“Some of them want to sell the claims while others are holding them for speculative purposes,” he said.

Government announced plans to have a platinum refinery in the country last year to value-add its platinum.

Zimbabwe produces 430 000 ounces of platinum and has the second largest platinum reserves in the world after South Africa. Foreign-owned platinum miners are expected to build the refinery and receive majority ownership in the process.

For the 11 months to November 2013, platinum production increased to 11 964kg as compared to 10 038kg produced in 2012.

Platinum production is set to grow by 8% this year to 14 000kg from 13 000kg produced last year.

6 Comments

  1. Walter Chidhakwa, tell the nation those two companies short listed, you are not doing it for Zanu Pf or ur personnal entity, you are doing it for Zimbabwe. Thats why contracts will be awarded to undeserving companies because of such nonsense secrecy. These things should be known its not a state secrete to keep ziii on potential investors. Thats why bribes will be soliciated from these companies and shoddy work accompanied by that. Poor management, poor thinking.

    who do you want to surprise?? no one..get a life Chidhakwa Walter and tell the nation the truth.
    You are doing it for Zimbabwe not for urself..am angry at you Chidhakwa and whoever advised you to keep it a secret so whats the reason of coming out and say i wont tell you but we are contacting a due deligency, due deligency from you politicians ?????? Due deligency my foot..

    1. Or rather tell the nation which selection process was used to decide on those two in case you repeat the same mistake like Chiadzwa fiasco where companies with no track record in diamond mining were handed concessions in an underhanded manner .

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  3. It wouldl be understandable if it were a military deal but mining deal as if they will be operating in isolation from Zim labor inga utori Chidhakwa: ko baba vako veku bhinya mwana vakazo nzwii?

  4. THANK YOU SO MUCH MINISTER FOR THE UPDATE,KEEP THE FIRE BURNING

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