Zimbabwe Considering Implats’ Platinum Refinery Proposal

Reuters reported that Zimbabwe’s government is in the process of considering Impala Platinum Holdings Ltd.’s (OTCMKTS:IMPUY) proposal for the construction of a platinum refinery in the country.

Recently, Zimbabwe’s president said that if a platinum refinery is not set up within two years, it will ban unrefined exports of the metal.

As quoted in the market news:

Last month mines minister Walter Chidhakwa said Zimbabwe had shortlisted two companies to set up the refinery, which mining companies say will cost up to $3 billion, equal to almost 30 percent of Zimbabwe’s gross domestic product.

Chidhakwa said he had held a meeting with the chairman of Implats on Wednesday on setting up a refinery.

‘They (Implats) have got ideas which we are beginning to consider,’ he told reporters, but declined to give details.

‘It’s a big project and we have to look at a whole range of things. We have to think about the financing and the technology among others,’ he said.

Click here to read the full Reuters report.