Mimosa remains profitable despite falling grades

11 Mar, 2022 - 00:03 0 Views
Mimosa remains profitable despite falling grades

eBusiness Weekly

Tapiwanashe Mangwiro

Platinum Group Metals (PGM) producer, Mimosa Mining Company, says it invested US$40 million into capital projects in the six months to December 31, 2021 aimed at expanding mine life and production capacity.

“Capital expenditure increased 25 percent to US$40 million from US$32 million during the previous quarter as spending on the plant optimisation project accelerated and studies on the North Hill life-of-mine extensions were completed,” the company said.

It noted that the feasibility study was completed and discussions regarding fiscal accommodations were progressing with the Zimbabwean Government.

“The plant optimisation project is aimed at increasing capacity and improving process recoveries, but due to Covid-19-related delays, the project commissioning is scheduled for December 2022,” said Mimosa.

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