Mimosa to evade challenges

Aquarius Platinum Mine, one of the world’s leading producers of the mineral, said it was well-positioned to fend off economic challenges in Zimbabwe where it is hopeful of an increase in production at its Zimbabwean subsidiary.

This follows Mimosa Mine’s marginal increase in mineral output last week. In a statement accompanying Aquarius’ performance for the year ended June 30, 2011, the company said production at the Zimbabwean mine had increased by 12 per cent to 55 600 tonnes from the corresponding period last year.

The mine, which is situated in Zvishavane, south of Zimbabwe, earned the company about US$100 million

“Mimosa delivered record production, and in general Aquarius remains well positioned to weather the current economic uncertainty and, more importantly, to benefit from the inevitable medium term PGM (platinum group metals) supply shortage and associated price improvements,” said Aquarius in a statement.

Mimosa is the Zimbabwe’s second largest platinum miner. It is a 50-50 joint venture between South Africa-based Aquarius Platinum and Impala Platinum (Implats). The mine is emerging from a decade-long economic crisis that resulted in the closure of such firms, reduced mineral production and a loss of jobs in an industry that used to be one of the country’s biggest contributors to the Gross Domestic product.

Post published in: Zimbabwe News

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