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The platinum miner, Mimosa Mining Company is retrenching 33 managers and supervisors and abandoning a key expansion project in response to falling global metal prices.
In a statement, the company said platinum prices fell by 35% since April last year, hitting its cash flows and profits. It said:
<blockquote>
The outlook is that the prices will remain depressed in the medium term. In view of this, we have had to implement several measures to ensure that our business remains viable in the low-price metal environment.
This has resulted in a staff rationalisation exercise, which has affected 33 managerial and supervisory employees.
</blockquote>
Mimosa also said it has offered severance to 34 employees while nine opted for early retirement. The company said:
<blockquote>
No further rationalisation of the permanent staff complement is planned at this stage.
</blockquote>
Mimosa, however, said people remain the most important part of the business and said its workers have been engaged about the whole issue.
According to <a href="https://newzwire.live/platinum-crisis-33-managers-lose-jobs-at-mimosa-us100m-expansion-project-on-hold/">newZWire</a>, Mimosa previously said it planned to spend up to US$100 million to develop a new mining area, called North Hill.
The area has a resource of 1.5 million ounces of platinum and would replace the South Hill area, which is running out.
The company has had to abandon this plan, according to results released earlier by Sibanye Stillwater, the South African miner that co-owns Mimosa with Impala Platinum.
The commodity price crisis will deeply affect Zimbabwe, as this has led to a decrease in export earnings.
For instance, in the first nine months of 2023, export earnings fell from $4.5 billion to $3.6 billion compared to the same period the previous year.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Mimosa Mine Lays Off 33 Managers

Many miners are reportedly building their own power amid reports that the prolonged power crisis has resulted in them losing their production potential.
The <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority (ZESA)</a>, the local power utility, says it has applications for 2350MW of new connections, with most of them from mines, according to <a href="https://newzwire.live/as-zesa-fails-these-major-power-hungry-mining-investments-in-zimbabwe-are-bringing-their-own-energy/">newZWire</a>. 
Below are some of the solar projects going up in the mining industry.
<h2><a href="https://www.pindula.co.zw/Zimplats">Zimplats</a></h2>
<blockquote>
Zimplats has been granted licences to build two solar power plants at its Ngezi and at the Selous processing plant. Combined, Zimplats will invest US$201 million to generate 185MW of power. Zimplats has also recently partnered with DPA, the green energy arm of Cassava Smartech, to install rooftop solar at its offices at the new Bimha mine.
</blockquote>
<h2>Karo Mining</h2>
<blockquote>
Karo Mining has started building a new mine near Selous, investing US$391 million for development. Part of the project is a 300MW solar plant to supply the mine, which is expected to start production in 2024. 
</blockquote>
<h2>Caledonia Mining</h2>
<blockquote>
Blanket Mine has recently switched on its new 12MW solar plant. Construction of the solar plant started in 2021 after Caledonia raised US$13 million from a share sale. 
</blockquote>
<h2>Mimosa</h2>
<blockquote>
Mimosa Platinum plans to build a 38MW solar plant.
</blockquote>
<h2>Manhize</h2>
<blockquote>
Tsingshan, the world’s largest stainless steel company, is building a new steel plant at Manhize, in the Midlands which requires up to 500MW in the next two years – almost a third of today’s national consumption. Tshingshan plans to establish a 300MW power station at the site but still needs ZESA. 
</blockquote>
<h2><a href="https://www.pindula.co.zw/RioZim_Limited">RioZim</a></h2>
<blockquote>
RioEnergy, the RioZim energy arm, has been awarded licenses to install 180MW of solar power at the gold miner’s operations. The plan is to put up four separate solar parks of 45MW each at RioZim’s three gold mines – Renco Mine in Nyajena, Dalny Mine in Chakari, Cam and Motor Mine in Kadoma, and ​​also at the Murowa Diamonds Mine near Zvishavane.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Miners Building Own Power Amid Prolonged Blackouts

A platinum mining company, Mimosa Mine, has refuted reports that it has ordered its former workers to vacate company houses they still occupied.
Mimosa general manager Alex Mushonhiwa told reporters recently that the <a href="https://www.pindula.co.zw/Zvishavane" rel="noopener noreferrer" target="_blank">Zvishavane</a>-based mining company respects its employees, former or current, and would not treat them with disdain. He said:
<blockquote>As Mimosa, we have respect for our employees even after life at the mine, so what we did is, we offered our employees title deeds to own those houses.
We do not want to see a situation whereby our employees go back to the rural areas to start all over again.</blockquote>
Mushonhiwa added that Mimosa will not act like other mining companies which sold off houses their retiring employees occupied.
<h4>More: <a href="http://newziana.co.zw/2019/11/23/no-house-evictions-mimosa-mine/" rel="noopener noreferrer" target="_blank">New Ziana</a></h4>

Mimosa Mine Says It Won't Evict Former Workers From Company Houses

Mimosa Mining Company held a farewell dinner for the former Mimosa Holdings executive chair Mr Winston Chitando ,who is now the Minister of Mines and Mining Development.
Mimosa Mining Company Managing Director Mr Fungai Makoni and the General Manager Mr Alex Mushoniwa both conceded the void left by their former executive chairman will be difficult to fill.
Said Mushoniwa:
<blockquote>We are beneficiaries of his succession plan and we are honoured to have worked with this great man. If we had powers to reverse the appointment, we could do so but we felt we cannot deprive the nation a rising star</blockquote>
Mr Chitando expressed gratitude to Mimosa and the business community for honouring his services.
Said Chitando:
<blockquote>I am at loss of words for this gesture</blockquote>
 
More:<a href="http://www.zbc.co.zw/mimosa-bids-farewell-to-minister-chitando/" rel="noopener" target="_blank"> ZBC</a>

Mimosa Mining Company Holds Farewell Dinner For Winston Chitando

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