The Mines and Mining Development Ministry has applauded PGMs miner, Mimosa, for its strategic measures amidst the challenges of fluctuating global metal prices.
Deputy Minister Polite Kambamura, speaking following a tour of Mimosa’s Tailing Storage Facility and Corporate Social Responsibility endeavors, including support for the Mberengwa District Hospital, commended the miner’s proactive approach.
The minister expressed satisfaction with Mimosa’s commitment to exploration and expansion initiatives. He lauded the miner for avoiding drastic measures like employee layoffs despite the challenging global metal price scenario. Instead, Mimosa optimized its operations to ensure continued viability while safeguarding jobs.
Mimosa’s general manager Stephen Ndiyamba, highlighted the mine’s focus on optimizing operations at South Hill and leveraging technology to enhance efficiencies. He said their strategy aims to maximize output while minimizing costs, allowing the preservation of jobs amid the current market trends in metal prices.
In a challenging year for Platinum Group Metals (PGMs) miners, the industry has faced multiple hurdles, largely due to a significant drop in metal prices. PGMs, critical elements for catalytic converters essential in curbing emissions from vehicle engines, have seen a rapid and substantial decline in value over the past year.
According to the Metals Daily website, the current prices for key PGMs stand at: IRIDIUM: $4500.00 per ounce RHODIUM: $4200.00 per ounce RUTHENIUM: $465.00 per ounce PLATINUM: $959.95 per ounce.
