The Mines and Mining Development Ministry has emphasized the imperative for Zimbabwe to evolve beyond the role of mere price takers in the global Platinum Group Metals (PGMs) market.
In a resolute address at the Chamber of Mines Zimbabwe PGMs Symbosium Winston Chitando, stressed the importance of exploration, enhancing mine efficiency, and augmenting value addition capabilities. These measures, he argued, would not only fortify Zimbabwe’s position in the volatile global market but also mitigate the adverse effects of external fluctuations.
The Minister’s call to action comes at a critical juncture as Zimbabwe grapples with the repercussions of recent price softening, particularly affecting palladium, which witnessed a significant decline of approximately 40%. Chitando underscored the necessity for Zimbabwe to adopt a diversified and resilient approach to the PGM sector, especially in light of ongoing global geopolitical tensions, such as the Russia-Ukraine conflict, which have directly impacted PGM prices.
Amidst these challenges, Chitando expressed optimism, noting that PGM producers in Zimbabwe are intensifying production efforts to offset revenue losses incurred due to the downturn in commodity prices.
