Mishma Chakanyuka, Staff Writer 
ZIMBABWE’S platinum output is estimated to have increased by 11 percent, year-on-year, during the third quarter of 2023, reaching 129 000 ounces (oz), an all-time high, according to the World Platinum Investment Council’s (WPIC) latest report.
The growth came from Zimplats, which realised additional volumes from its new concentrator plant.
“Output from other producers, Unki and Mimosa, remained virtually unchanged year-on-year,” WPIC said.
The council noted that Zimbabwe’s annual production is on track to reach an all-time high of 502 000oz, also because of the upgrades at Zimplats.
“Furthermore, a new power agreement for the operation should continue to deliver improved power stability,” read the report.
Mthuli Ncube, Finance Minister
The southern African country is home to the world’s second-biggest known deposits of platinum after South Africa.
Even though the country has seen significant investments in other minerals of late, such as lithium, experts believe that platinum will remain Zimbabwe’s mainstay in the foreseeable future because of investments being made into value-addition.
Apart from the ongoing upgrades at Zimplats, other miners such as Great Dyke Investments, Bravura, and Kuvimba Mining House also have projects in the pipeline.
Platinum was targeted to contribute about US$3 billion to the country’s economy under the government’s US$12 billion target for the mining industry this year, which Finance minister Mthuli Ncube says has been achieved.
Meanwhile, WPIC said the market is expected to record a second consecutive deficit in 2024, continuing from a record platinum market deficit of 1 071 000oz in 2023.
Global mine supply in 2023 is projected to be flat year-on-year at 5 608 000oz, around eight percent below the five-year pre-Covid average production level.
For 2024, global platinum mine supply is forecast to grow by three percent year-on-year to 5 743 000oz, with a five percent improvement in South African output expected.
WPIC said the global platinum recycling estimate for 2023 has been further downgraded to 1 471 000oz with headwinds expected to continue in 2024, meaning global recycling of platinum is expected to see only a modest improvement in 2024, increasing by seven percent. The automotive demand is, however, forecasted to grow, although modestly, and while industrial demand is expected to ease from the record level of demand seen in 2023, it should remain 14 percent higher than its average demand since 2013, benefitting from a diversity of end uses.
“Growth is also anticipated in 2024, with automotive demand projected to rise by two percent year-on-year to 3 312 000oz, its highest level since 2016.
“Tighter emissions legislation, along with a forecast increase in platinum-for-palladium substitution to around 700 000oz, will drive continued growth across most regions,” WPIC said.
Industrial demand for 2023 is predicted to surge by 14 percent year-on-year reaching
2 652 000oz and marking the strongest year on record propelled by significant capacity expansions in the glass sector and the chemical sector, which offset lower demand from the electrical and petroleum markets.
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