Platinum Production to Begin in Zimbabwe on Former Implats, Amplats Concessions

Bloomberg reported that state-owned Zimbabwe Mining Development Corp., Eurasian Natural Resources Corp. (LSE:ENRC) and a Chinese company plan to begin metal production on concessions taken from Anglo American Platinum Ltd. (OTCMKTS:AGPPY) and Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY).

As quoted in the market news:

‘Everything is on course’ for the venture with ENRC, , to start production in the African country by April, Jerry Ndlovu, managing director of the state-owned Zimbabwean company, said in an interview in Harare, the capital, yesterday. ENRC declined to comment when called yesterday.

Zimbabwe, which has the world’s biggest resources of platinum after South Africa, is trying to expand its mining industry to help the country recover from a decade of economic contraction between 2000 and 2009. Failed land reform programs slashed production of tobacco and roses, increasing the country’s reliance on metal.

Click here to read the full Bloomberg report.