Zimbabwe stays crucial to platinum producers amid tough new indigenization laws

The Zimbabwean reports Angloplat, the world’s number one producer said it was optimistic about coming to an agreement with the Zimbabwean government over its Unki mine and Aquarius Platinum’s record quarter was thanks to the performance of its Mimosa mine in Zimbabwe amid continuing talks.

The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenization laws.

The Zimbabwean quotes Angloplat’s CEO Neville Nicolau as saying the Unki mine will likely only reach full production in the third quarter of 2013 after producing a scant 22,000 ounces in the first half of the financial year.

Business Day reports the star performer in the Aquarius Platinum stable in the June quarter was the Mimosa mine where grades, tonnages and recoveries were all higher, leading to record production of PGMs for the quarter, while mines in South Africa struggled with safety issues and a strong currency.