Published: 27 September 2013

Platinum mining company, Zimplats, says it has committed itself to ensure that 60 percent of its supplier expenditure is directed to locals to contribute to the economic development of the country.

In its integrated 2013 annual report released on Thursday, Zimplats' parent company, Implats, announced that it remains committed to the recently agreed indigenisation plan with the government of Zimbabwe and has set a target of 60 per cent of supplier expenditure on locals in a move to promote locals suppliers.

During the period under review, local suppliers accounted for 64 percent of the company's annual expenditure on goods and services, up from 57 percent in 2012.

On the indigenisation plan, the firm announced that it will continue to engage with the government of Zimbabwe on the proposed indigenisation requirements.

The firm also stressed that phase two expansion project remains on schedule and is expected to increase production to 270 000 ounces in platinum matte by 2015.

Meanwhile, the firm is optimistic that platinum production for 2015 will be 250 000 ounces.

According to the integrated report, ore milled increased by 6.6 percent to 4.7 million tonnes while platinum in matte increased by 5.9 percent to 198 100 ounces.

With a lot uncertainty facing most economies across the globe, the price of platinum has remained weak.

The platinum group is however upbeat the growth in the automotive industry and increased demand in metals by emerging markets will drive growth in the platinum sector.
- zbc

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