Unki Mine unveils earning potential

Anglo American Corporation Limited's Unki Platinum Mine says it will generate US$130 million for the cash-strapped Government of Zimbabwe when it becomes fully operational.

An Unki spokesman at the Zimbabwe Mining Indaba said: "Based on prevailing metal prices, Unki Platinum Mine will create approximately 1 000 full time jobs, generate about US$130 million of revenue per year and pay the Zimbabwe government tax of about US$20 million annually."

Unki Mine is located within the Middleridge claims (the Shurugwi Sub Chamber) in the southern part of the Zimbabwean Great Dyke, about 60 km southwest of the city of Gweru.

The spokesman said the mining firm would also create opportunities for Zimbabwe to develop its natural resources in a sustainable manner and expand its Platinum Group Metals industry.

Unki Platinum Mine, a US$449 million investment, has a production capacity of 149 000 6E ounces annually. It is part of Anglo American's PGM producer, accounting for more than 38 percent of the world's newly mined platinum.

The spokesman said Anglo American's platinum operating interests produced a market leading 2,5 million ounces of platinum annually.

"Anglo's commitment to empowerment and the socio-economic upliftment of Zimbabwe and its people has resulted in targeted asset disposal to the indigenous citizens," he said. "As part of a starategic rationalisation of its businesses to focus on platinum mining, Anglo American voluntarily disposed of 53 percent of its businesses by value to indigenous Zimbabweans in deals worth US$65 million. Its only significant remaining mineral claim holdings comprise the PGM holdings on which it is developing the Unki."

Almost 60 percent of the world's newly mined PGMs and 80 percent of platinum are produced in southern Africa, which holds 90 percent of global PGM resources.

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