Amplats CEO Highlights Zimbabwe’s Fiscal Challenges as Barrier to Unki Mine Expansion

Anglo American Platinum (Amplats) CEO Craig Miller has expressed interest in expanding the company’s Unki mine in Zimbabwe but emphasized that fiscal and policy instability in the country remains a significant obstacle. Speaking at a platinum group metals (PGM) conference, Miller described Unki as a “fantastic asset” but noted that Zimbabwe’s challenging fiscal environment does not align with Amplats’ disciplined capital allocation strategy. Unki’s operational efficiency has long been praised by Amplats leadership.

Unki, located on Zimbabwe’s Great Dyke, reported a 2% decrease in production in 2024 due to temporary poor ground conditions and rising input costs, including electricity and explosives. Despite these setbacks, the mine remains a key contributor to Amplats’ portfolio, producing 243,800 ounces of PGM last year. The mine also invested $700,000 in expansion and solar energy projects in 2025.

While Miller expressed caution regarding further investment, Impala Platinum (Implats) CEO Nico Muller offered a contrasting view. Muller highlighted Implats’ positive engagement with Zimbabwean policymakers and described its operations in the country as "the simplest, most predictable, safest, and most efficient low-cost operations" within its portfolio. Implats has invested R22.89 billion ($1.2 billion) in its Zimplats and Mimosa operations over the past three years despite fiscal challenges. Zimplats remains a major player in Zimbabwe’s PGM sector.