Platinum group metals miner Zimplats has announced that its board has approved an overall capital investment strategy with a $1.8bn budget to boost capacity, expand production, and support its operations.
The strategy will be implemented over a ten-year period starting this year. Of the total amount, approximately $1.2bn has already been approved for implementation.
Around $969m will be invested to support growth projects to increase production. This will include developing a new mine and increasing processing capacity.
Zimplats aims to increase nameplate capacity from 6.7 million tonnes a year (Mtpa) to 8.8Mtpa, as well as in-country processing capacity to 380,000tpa of concentrate.
The company also plans to set up an abatement facility to reduce sulphuric dioxide emissions from smelting.
Zimplats will spend $516m to maintain current production levels through upgrades and mine replacements.
It has also allocated around $201m to improve its environment, social and governance (ESG) metrics and for a 185MW solar plant to enhance power supplies.
Zimplats will also use $100m for mothballed base metal refinery overhaul.
In a statement, Zimplats said: “These projects are expected to be funded by internally generated resources.”
Zimplats focuses on the production of platinum group and associated metals from Great Dyke in Zimbabwe.
In the quarter ending on 30 September 2021, the company mined a total of 1,808t of ore. The figure represents a 1% increase from the previous quarter and a 3% decrease compared to the prior year same quarter.