ZIMPLATS Holdings’ board of directors have nominated Axcentium as the company’s external auditor, effective October 31, 2024, subject to shareholder approval.
The nomination follows Deloitte Africa (Deloitte)’s announcement of a management buy-out of Deloitte Zimbabwe by its local partners following its decision to exit Zimbabwe.
Deloitte’s exit from Zimbabwe will be effective from October 31, 2024. Deloitte Zimbabwe will remain an affiliate of Deloitte Africa until the effective date, after which Deloitte Zimbabwe will trade under the name Axcentium.
“Axcentium’s nomination follows a rigorous due diligence process and considers the company’s external audit requirements after October 2024,” Zimplats said in a statement.
“The board of directors is satisfied that Axcentium has the qualifications, expertise, competence, independence and historical knowledge of the company to ensure a smooth transition, while delivering external audit services at the required level of expertise.”
A resolution proposing the appointment of Axcentium as Zimplats’ external auditor will be put before shareholders at the company’s 2024 annual general meeting.
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Zimplats spent US$789 million during the quarter to March this year towards major capital projects, including the development of Mupani and Bimha mines upgrade as the platinum group metals miner expands operations.
The Bimha and Mupani mine development and upgrade projects will replace production from Rukodzi, Ngwarati and Mupfuti mines.
Cumulatively, US$395 million had been spent on these projects as at March 31, 2024, against a total project budget of US$468 million. The firm spent US$340 million on the smelter expansion and SO2 abatement plant against a total project budget of US$521 million.
The report noted that US$27 million had been spent on the implementation of the 35 megawatts solar plant project to date, against a budget of US$37 million. The company also expended US$27 million on the execution of the Base Metal Refinery refurbishment project, against a total budget of US$190 million.
The projects are part of Zimplats’ US$1,8 billion expansion programme.