Zimbabwe Platinum Mines has revealed that it needs an extra $60 million as it looks to increase its production through projects at its Ngezi Mine.

The company is aiming to increase its annual production to one million ounces from 96,000 oz, while the phase one expansion of the mine should see the figure rise to 180,000 oz.

Having already secured an $80 million loan facility, the miner is now attempting to get further support to help it increase production capacity from 2.1 million tonnes per year to 4.2 million tonnes per year.

Chief Executive Alex Mhembere said: "The US$80 million loan facility secured last year had been fully drawn, and, owing to the fall in metal prices, the company was seeking to extend its existing credit facilities.

"Additionally US$30 million has been secured, of which US$25 million has been drawn."

Mr Mhembere added that the money will also aid investments in new mines, concentrators and smelters - plus base and precious metals refineries - as the company looks to carry out all its operations in Zimbabwe.

Zimbabwe Platinum Mines reported in its interim results for the six months to 31st December 2008 that its sales volumes were up by 15 per cent.

Source:

Zimplats seeks US$60m (24/02/09)
http://www.herald.co.zw/inside.aspx?sectid=894&cat=8