COUNTRY IN FOCUS •
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Electricity has been a big constraint for the mining industry in Zimbabwe .
The Great Dyke is only second to the Bushveld Complex of South Africa in the continent in terms of output and size . The top of the Great Dyke has been heavily oxidised , and the deeper levels contain fresh host rock .
The Great Dyke has been attracting new suitors , with interest from Russian and Chinese mining companies entering into talks with the Zimbabwean government around establishing new platinum mining operations in the country . It has also exposed a blind spot in the Zimbabwean mining sector , when it became apparent that the sector is highly dependent on several certain influencers and decisionmakers .
The Zimbabwean platinum sector has had its fair share of trouble over the last few years . In December 2020 , Zimbabwe ' s government announced a multibilliondollar project called Kuvimba Mining House that would hold some of the nation ' s most valuable gold , platinum , chrome , and nickel mines . The venture would be 65 % owned by the government and 35 % by private investors .
Further risk to the platinum industry came from a central-bank requirement compelling in-country mining operations to surrender more foreign exchange earned from mineral exports , which may push their operations to the brink . The Reserve Bank of Zimbabwe , on 8 January 2021 , announced that exporters must now surrender over 40 % of their foreign currency .
There have been threats to revoke prospecting and mining rights of licence holders who have failed to develop their projects , based on the ‘ use it or lose it ’ principal . The first company that has been informed of potentially losing its concession is Todal Mining , controlled by Eurasian Resources Group .
Great Dyke Investments , a Russian-backed project planning to build Zimbabwe ’ s biggest platinum mine , the Darwendale project , has sold a 4.4 % stake to Fossil Mines as Covid-19 disrupted fundraising for the venture . It was also reported that Great Dyke have held talks to sell a stake of at least 20 % to Impala Platinum Holdings .
In addition , Bravura Holdings , owned by Nigerian billionaire Benedict Peters , has made USD1-billion available for the development of a platinum mine close to Selous , on a 3 000-ha concession .
On the upside , Anglo American Platinum ' s ( Amplats ') Unki mine , in Zimbabwe , has achieved an Initiative for Responsible Mining Assurance ( IRMA ) 75 rating . Unki also made history , as the first in the world to publicly commit to be independently audited .
The increasing international demand for platinum , in a variety of products , such as automotive catalysts , green energy systems , hydrogen power systems , energy storage systems and value as an investment commodity and jewellery is set to sustain the Zimbabwean platinum sector in the years to come . •
Dr Nicolaas C Steenkamp is a consulting geologist at Bowline Professional Services .
African Mining • September 2021 • 15