Zimplats spends millions on exploration drilling
GIANT platinum producer, Zimplats, has spent US$2,3 million on exploration drilling during the quarter ended 31 March 2023 with a total of 21 047 metres drilled as part of the exploration work during the period under review.
During the period under review, mined tonnage decreased by four percent from the prior quarter mainly due to a decrease in the number of operating days, from 92 in the prior quarter to 90, said the company in the latest trading update.
Exploration work is critical in expanding the mining life and the company’s future growth.
“US$2,3 million was spent on exploration drilling during the quarter and US$3,6 million was committed as at 31 March 2023.
“The exploration activities related mainly to surface diamond drilling to upgrade the group’s mineral resources, geotechnical assessments of the rock mass properties in support of current and future mining operations in ML37 and in support of technical studies ongoing in ML36,” said Zimplats.
“A total of 21 047 metres were drilled as part of the exploration work during the quarter.”
It further noted that the the development of Mupani Mine and the upgrade of Bimha Mine progressed as planned during the quarter.
“These projects replace Rukodzi Mine, which was depleted in FY2022, and the Ngwarati, and Mupfuti mines, which will be depleted in FY2025 and FY2028, respectively,” said Zimplats.
“Cumulatively, a total of US$295,3 million has been spent on these projects, with an additional US$73,5 million committed, against a project budget of US$468 million,” it added.
A total of US$4 million was spent on the Ngezi third concentrator plant during the quarter, bringing the project-to-date expenditure to US$101,1 million, with a further US$3,0 million committed as at end of the quarter.
This is against a project budget of US$104,1 million and the plant is said to have operated at design production capacity throughout the quarter.
Implementation of the US$521 million smelter expansion and the SO2 abatement plant project remains on track.
To date, a total of US$66,6 million has been spent on the project with a further US$342,5 million committed.
On the 35MW solar plant project at the Selous Metallurgical Complex, a total of US$0,8 million has been spent and US$35,8 million committed, against a budget of US$37 million.
“This is the first of the project’s four project implementation phases. The final phase is scheduled for completion in FY2027, at a total project cost estimate of US$201 million,” the mining firm said.
A further US$4,6 million has been spent on the implementation of the base metal refinery refurbishment project with a further US$20,2 million committed, against a budget of US$189,9 million.-chronicle.co.zw
