google.com, pub-3787448768440954, DIRECT, f08c47fec0942fa0 [google-translator]
LocalNews

Mineral output mixed in Q1: CoMZ

The Chamber of Mines of Zimbabwe (CoMZ)’s quarterly review for 2024 indicated that increases were noted in platinum group metals, lithium and ferrochrome.

ZIMBABWE’S mineral output performance was mixed in the first quarter of this year, with gold, diamond and coal registering a decline compared to the same period last year, latest data shows.

The Chamber of Mines of Zimbabwe (CoMZ)’s quarterly review for 2024 indicated that increases were noted in platinum group metals, lithium and ferrochrome.

In the quarter under review, gold output declined by 2% to 6 638 kilogrammes, while diamond fell by 13% to 1,4 million carats.

Coal output declined by 34% to 1,05 million tonnes. Nickel’s haul nosedived by 18% to 4 046 tonnes.

Chrome output increased by 112% to 438 463 tonnes, while lithium’s grew by 16% 940 138 metric tonnes.

Platinum shot up to 4 987kg from 4 753kg recorded in the comparable period. Palladium stood at 4 316kg from 3 957kg.

“In the outlook for the rest of the year, we expect output recovery in most key minerals to achieve the 2024 production targets,” the report released yesterday during the CoMZ 2024 annual conference read in part.

“Risks to the mining sector outlook, however, remain on the downside, with mining companies expected to continue facing fragile power supply, foreign currency shortfalls, high-cost structure and capital constraints.”

The CoMZ report noted that at the quarterly stakeholder meeting held on April 4, the Zimbabwe Power Company and the Zimbabwe Electricity Transmission and Distribution Company indicated that the low water inflow into Kariba would be a major constraint to hydro power generation in the second half of the year.

“Notwithstanding, the power supply situation, the mining industry has remained stable in the past six months. The chamber continues engaging Zesa and government for prioritisation of mining companies for available power,” it said.

The chamber said it explored alternative power solutions for the mining industry during the quarter under review.

It revealed that following a presentation by Solar Century Africa to the executive committee on December 6, 2023, the project promoters visited Zimbabwe in January to engage with mineral producers on their solar power proposal.

Another solar system provider Eversolar approached the chamber with a proposal on solar electricity for the mining industry.

“Meanwhile, some mining companies are also investing in solar power at their mining locations. The chamber continues to explore alternative power sources to supplement the available power,” it said. – (Newsday)

Show More

Related Articles

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
google.com, pub-3787448768440954, DIRECT, f08c47fec0942fa0