Platinum production has continued to increase in Zimbabwe despite the devastating recession that has engulfed the country in the past ten years, it was claimed on Friday (17th July).

There are currently two platinum mines in Zimbabwe - Ngezi, situated in Mhondoro and Mimosa, located in Zvishavane - while Anglo American is constructing a third at Unki in Shurugwi.

According to a new report on zimnetradio.com, output in the platinum-rich nation has only been marginally impacted by the economic climate, increasing from 500kg in 2001 to 4,000kg in 2008.

However, Finance Minister Tendai Biti delivered a downbeat assessment of the current landscape in Zimbabwe, noting that it has not escaped the effects of the global financial crisis.

He was quoted by the website as saying: "Major drivers of growth such as trade flows, diaspora remittances, government revenues and donor funds are significantly declining across the continent.

"Zimbabwe has not been spared by the global financial crisis despite having already been in recession for the past decade."

Mr Biti also explained that the mining industries in Zimbabwe and elsewhere across the continent have been impacted by the difficulties associated with securing credit at present.

The news provider suggests that gross domestic product growth for sub-Saharan Africa is predicted to be 1.7 per cent in 2009, down from an average of 6.9 per cent in 2007 and 5.5 per cent last year.

Zimplats Holdings, which is owned by Impala Platinum, the world's second-largest producer of the precious metal, posted an operating profit of $1.1 million for Q1 2009.

Source:

Zimbabwe reeling from global financial crunch – Biti (17/07/09)

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