By Business Reporter
IMPALA Platinum Holdings subsidiary, Zimplats recorded 51 percent decline in total mineral resource tonnage after ceding half of its land to government.
Total platinum ounces were also affected, falling 47 percent.
In a statement released on 12 September 2018, Zimplats announced mineral reserves of its resources and ores based on estimates held under its mining leases on the great dyke as at 30 June 2018.
“The total Mineral Resource tonnages and platinum ounces declined by 51% and 47% respectively relative to June 2017 mainly due to the release of ground north of Portal 10 to the GoZ (ROGA II) as well as mining depletion during the year,” read part of the statement.
In June 2018, Zimplats released 23 903 hectares of land within Zimplats’ mining lease area in support of the government’s efforts to enable participation by other investors in the platinum mining industry in Zimbabwe, critical for economic growth.
“Following this release of ground, Zimplats now holds two separate and non-contiguous pieces of land measuring in aggregate 24 632 hectares. Consequently, Zimplats applied for and was granted with effect from 31 May 2018, two separate mining leases over the two pieces of land measuring 6 605 hectares and 18 027 hectares respectively,” said Zimplats in a statement.
Land released by Zimplats was allocated to Karo Mining Holdings to be developed into a US$4.2 billion integrated platinum mining and refinery mining complex in partnership with government.
A five percent increase was recorded in overall mineral resource grade (4E g/t) attributed to the exclusion of lower grade ores in the ground released to the government, with a decrease of two percent in the overall ore reserve grade (4E g/t) due to the relatively lower grades associated with the Upper Ores included in the current estimate.
“These mining leases replace the special mining lease which was due for renewal in August 2019. The two mining leases issued to Zimplats are valid for the life of mine of Zimplats’ mining operations and they secure Zimplats’ mining tenure.”
“The Open Pit operation was decommissioned in March 2018 and as a result is no longer included in the life of mine plan and Ore Reserves. It is still included in the Mineral Resources.”
However, the mining giant experienced a surge in ore reserve tonnage in the period under review. “Ore Reserve tonnages and platinum ounces increased by 37% and 33% respectively relative to the 30 June 2017 estimates owing to the conversion of Upper Ores I to Ore Reserves.”
Mineral resource classification scheme was implemented based on the standards applied by Implats, as well as the JORC Code of 2012.
Inferred Resources were excluded from the ore reserve estimate. “There are no Inferred Mineral Resources included in the Ore Reserves at Zimplats, only Measured and Indicated Mineral Resources are converted into Ore Reserves.” ENDS//