Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 08, 2014 at 09:35AM

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VENTURES AFRICA – Zimbabwe’s plan to build a platinum refinery got a boost after companies met the deadline for submission of proposals for a new platinum refinery in the southern African country.

Zimbabwe’s platinum industry – the second largest in the world – is currently producing 430,000 ounces of annual metal output, closing in on 500,000 ounces required to effectively run a refinery.

President Mugabe subsequently ordered all operators to submit proposals for the development of a mining refinery within 2 years or face a metal raw material export embargo.

The refinery, which will include a 600-megawatts power plant, will cost an estimated $3.2 billion.

Asides the platinum refinery, the Economic Times reported that Zimbabwe also plans to develop a coal methane project as well as a precious mineral development centre to “cut and polish” diamonds in bid to drive economic growth, estimated to grow 4.2 percent this year.

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