Our future is bright: Mimosa - Zimbabwe Situation

Our future is bright: Mimosa

Source: Our future is bright: Mimosa – NewsDay Zimbabwe July 19, 2019

BY MTHANDAZO NYONI

Platinum miner Mimosa says it is performing at full capacity and sees no threats of losses for its operation in the immediate future.

Mimosa is jointly owned by Impala Platinum and Sibanye, who have a 50% stake apiece.

General manager, Alex Mushonhiwa told NewsDay Business on the sidelines of a tour by the Parliamentary Committee on Mines and Energy on Tuesday that the company was on sound footing.

“In terms of revenue, we are able to meet the targeted revenues from the minerals that we sell. I can’t mention the figures, but we are meeting those revenues and the company is doing very well. The company is making a profit and we are performing fairly well. There is no threat of losses. We are not making a loss at all,” he said.

Mushonhiwa said the mine had hammered out an arrangement with the power utility, the Zimbabwe Electricity Transmission and Distribution Company, for a dedicated line.

Mines and industry in Zimbabwe have been reporting increased down time because of increased load-shedding, which in most cases lasts for up to 16 hours a day.

“We help them with their payments and then they guarantee us uninterrupted power. So that managed to hedge major problems,” Mushonhiwa said.

“Now we are able to plan because the government policies are (now) much clearer and issues are being addressed very quickly. So we are very happy with that area, otherwise it could be an area of concern, but there is a big change there.”

The Zvishavane-based mine produces an average of 120 000 ounces annually.

Implats has indicated that it expects an increase in basic and headline earnings a share for the period because of improved platinum group metals basket price and better operational performances during the financial year ended June 30.

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