At the Chamber of Mines Annual Conference in Victoria Falls, key PGMs Mining industry executives expressed cautious optimism about the future of Zimbabwe’s platinum industry. The discussion was prompted by a probing question from Deputy Finance Minister David Mnangagwa, who asked, “Will there be a platinum industry in Zimbabwe in the years to come?”
Alex Mhembere, CEO of Zimplats, reassured stakeholders by stating that Zimplats’ current mining areas, even before planned expansions, have a lifespan of up to 30 years. He added that new mining projects are also in the pipeline, indicating sustained activity in the sector.
However, Collin Chibafa of Unki Mine highlighted a significant concern. He pointed out that the global shift towards electric vehicles (EVs) poses a risk to future demand for platinum group metals (PGMs). “We must exploit our resource while we still can,” Chibafa emphasized, underlining the urgency of capitalizing on current market conditions before technological advancements potentially reduce the demand for PGMs.
These insights come in the context of Zimbabwe’s notable position in the global platinum market. According to GlobalData, Zimbabwe was the world’s third-largest platinum producer in 2022, with output rising by 2% compared to 2021. Despite a slight decline over the five years leading up to 2021, with a compound annual growth rate (CAGR) of -0.05%, production is expected to increase at a CAGR of 3% from 2022 to 2026. The leading producers, Impala Platinum and Anglo American, reported significant output increases of 12% and 14% respectively during 2020-2021.
