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  • 31 May, 2024
  • shadreck gurenje
  • 686 Reads

PGMs critical to national development says Minister Chitando

By Shadreck Gurenje

 

Mines and Mining Development Minister Hon Winston Chitando has said the Platinum Group Metals plays a pivotal role in the national development of the country’s economy.

Giving his keynote at the Chamber of Mines Annual general meeting ,conference and exhibition ,Mines and Mining Development Minister Hon Winston Chitando said the PGMs sector remains a vital contributor to the national economy generating a total of USD2.1 Billion in 2023.

“The PGMs sector remains a vital contributor to our national economy generating a total of USD2.1 Billion in 2023. PGMs constitute a significant portion, approximately 25%, of our national exports, underscoring its importance to our economic prosperity.

 

“As we convene here, we find ourselves amidst a dynamic and challenging landscape in the realm of platinum group metals (PGMs) mining. This shift has resulted in a softening of PGMs prices, with palladium bearing the brunt of this decline, experiencing a significant decrease of approximately 40%.

 

 

“The recent volatility in PGM prices reminds us of the complex interplay of global forces that influence this market. While we have witnessed a surge in prices in the past year, recent trends indicate a potential decline. This underscores the need for a diversified and resilient approach to the PGM sector,”said Minister Chitando.

Minister Chitando also said government remains committed to working collaboratively with all stakeholders including industry leaders, research institutions, and the local community.

“The government is committed to working collaboratively with all stakeholders, including industry leaders, research institutions, and the local community. Together, we can ensure the sustainable and responsible development of our PGM resources, propelling Zimbabwe towards a brighter, more prosperous future, and contributing to a cleaner world for generations to come.

“I urge each of you to actively participate in the discussions that follow. Let us leverage our collective knowledge and expertise to develop a comprehensive strategy that maximizes the benefits of PGMs for Zimbabwe. The future is bright, and together, we can build a sustainable and prosperous future for all,”he added.

Minister Chitando also reiterated that Platinum is a key component in electrolyzers used for green hydrogen production, a clean and sustainable energy source with immense potential.