Published by the government of Zimbabwe
26 June 2008
Harare — ANGLO American Corporation plc, the number one producer of platinum in the world says it is planning to invest a further US$400 million into Unki Platinum Mine in the Midlands Province.
London-based Times newspaper cited a company spokesperson, as having said the platinum mine, likely to become the largest in the country would start operations by 2010.
"Anglo will invest US$400 million to build a platinum mine in Zimbabwe," said the spokesperson. Reports however said the UK foreign office was examining whether the intend-ed investment breached sanctions against Zimbabwe.
But the platinum giant has insisted its investments in Zimbabwe were not in breach of the law.
The spokesman defended the investment saying the project was being developed "because we have responsibility to our employees, contractors and the local community".
Recently, Anglo Platinum, a subsidiary of Anglo American directly responsible for platinum extraction said it had started recruiting key staff in preparation of mining, according to company invest- ment portfolio manager Mr Trevor Raymond.
"In any project we need the staff and train them to equip them with necessary skills," said Mr Raymond
Anglo Platinum holds 51 percent stake in Unki while Anglo America Zimbabwe holds 29 percent. Both firms are in turn owned by Anglo America plc. Anglo Platinum will secure a suitable local partner for the remaining stake.
The Unki Platinum project was officially launched five years ago following completion of the feasibility studies. Trial was done a year later.
Unki, together with the country's largest two platinum mines -- Zimbabwe Platinum Mines and Mimosa Platinum -- are situated along the mineral-rich Great Dyke belt which has the second largest platinum reserves in the world after South Africa.
Despite the challenging economic environment facing the country, local platinum producers have witnessed a steady rise in production thanks to expansion programmes.
The companies are also benefiting from the continued rally in international prices.
Apart from platinum, Unki will also be producing silver, copper, rhodium, palladium and gold.
The project started off on a trial basis but is tipped to become one of Zimbabwe's largest platinum ventures.
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Is it a case that Anglo American KNOW that change in Zimbabwe is inevitable and that to be there BEFORE this happens will be in THEIR interest. Change will bring a stampede of such investors after the countrys minerals etc.
Surely though this would be perfect "political ammunition" for Mugabe as it's an obvious claim for him to make that the west is after Zim's minerals. So why would ZANU-PF allow this, and not only allow it but practically boast about it in the Herald? This is highly suspicious.
Mindpower, your point is well taken that Mugabe would make the point that the west is after Zimbabwean natural resources such as Platinum, which is used on advanced American Aircraft fighter jets!!!But the other point to make is, if not Anglo-American then who would take this opportunity for this "gold"? And the obvious answer is China! China is just around the corner to use this strategy mineral.
Many of you miss the point. The West does business with the worst regimes in the world. Such nations as Saudi Arabia, Kuwait, etc do not even allow women to vote or even drive cars..Yes, these nations are worse than Zimbabwe...Yes, the western world deals with them because of oil. And I understand that.
The UK has not been responsible toward Zimbabwe, and that is why we have a "monister" Mugabe the last 10-15 years! Issues of land and farming in Zimbabwe have been distorted by the "Rhodesians" ,UK citizens and Robert Mugabe.
or it could all be a cooked up "conspiracy" by the evil west to "prove" to the world and the likes of kuba, phiri, djoser et al that there are NO Sanctions in zimbabwe.....I am sure one of these esteemed gentlemen will surface before long todayto point us to a herald story proving this investment is a cruel evil western inspired conspiracy to squash the "real truth" regarding the economic sanctions zimbabwe is currently in the grip of. Come on guys..we are waiting....dont keep us waiting too long now.
What's this? How can a British company be investing in Zimbabwe when there are illegal sanctions prohibiting such things? Oh that's right, the only thing prohibiting any western company from doing business with Zimbabwe is the fact that they might not get paid, or that their local operations might be taken away from them and given to one of Mugabe's colleagues. Still neither of those reasons should prevent western businesses from investing in Zimbabwe...
Wait. I thought Zimbabwe wanted the west to leave it alone? Now this? $400 million USD!? Talk about a bunch of sellouts!