State-owned Zimbabwe Mining Development Corporation (ZMDC) has formed a platinum metal production joint venture with UK-listed Eurasian Natural Resources Corporation (ENRC) and an unnamed Chinese firm
According to Bloomberg, platinum production will commence during Q1 2014 at a facility located at the mining concessions near Shurugwi, 233km south west of Harare. ENRC owns 60 per cent of the permit while ZMDC owns the remaining 40 per cent stake.
Anglo American Platinum, Impala Platinum Holdings and Aquarius Platinum also operate mines in the area. The country’s Chamber of Mines agency has estimated that Zimbabwe would produce 365,000 ounces of platinum as well as a number of other metals found in these mines throughout 2013.
ZMDC managing director Jerry Ndlovu said, “Everything is on course. An exploration report from an alliance with the Chinese company is due by end of 2013.” He did not disclose the name of the Chinese firm in the venture.
Zimbabwe contains the world’s second largest platinum reserves and government officials are trying to expand the country's mining industry, Bloomberg reported.