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President inks massive mining investment deal

By Staff Reporter

HARARE (Mining Index) – PRESIDENT Emmerson Mnangagwa earlier this month inked a massive US$1,4 billion deal with Zimplats.

Speaking in Mhondoro during the signing of the Memorandum of Agreement between government and one of the country’s platinum mining giant, the President described the deal as a milestone development.

“It gives me great pleasure to address you at this important event of the signing of a US$1,4 billion Memorandum of Agreement by the Mines and Mining Development, the Ministry of Finance and Economic Development and Zimbabwe Platinum Mines (Zimplats) on the sustainable development of the Platinum Group Metals (PGMs). The signing of this agreement attests to the growing confidence of global capital in our economy and the Second Republic’s policies,” he said.

The deal, according to the President, reflects the importance government accords to the mining sector, “the speeding up of the realization of the outcomes outlined in the National Development Strategy One (NDS1)1 and ultimately the attainment of vision 2030.”

Further the President described the deal as a milestone development.

“The envisaged investment of US$1,4 billion by Zimplats is a welcome development. That will see the setting up of integrated projects, including the development of a new mine, expansion of the smelter, construction of an additional concentrator, base metal refining sulphuric acid plant and the setting up of a 110 MW solar power plant,” he said.

Furthermore, government has applauded the platinum’s group for constructing a base metal refinery, “as a crucial step towards local mineral beneficiation and value addition of the platinum group of metals.

“The sulphuric acid metal plant, will contribute strategic raw materials needed in the local manufacturing of fertilizers and help reduce the importation of sulphuric acid. The adoption and use of smart energy sources by Zimplats through integrating the development of a 110MW solar plant is also commendable,” said the President. ENDS// www.miningndex.co.zw

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