Zimbabwe Platinum Mines (Zimplats) chief executive has revealed that the company intends to spend around $140 million next year on the development of an underground mine at the Ngezi complex.

In an interview with The Herald, Zimplats chief executive Roy Pitchford revealed the expansion of the multi-billion dollar mine is expected to last for one year, with mining scheduled to begin in 2006.

'The new development will see us cutting down on our operational costs. Underground mining will enable us to reduce costs since we will have direct access to the ore reserves,' said Mr Pitchford.

The mine will double operational capacity to 100,000 ounces of ore per annum when it is completed, with Mr Pitchford claiming it represents the beginning of major expansion in Zimbabwe as a whole.

However, he also used the opportunity to call on the Government to put in place more incentives to enhance mining in the country.

'The incentives must be certain, long-term and not subject to change,' he declared.

Mr Pitchford argued it was essential to ensure socio-economic stability and the implementation of sound mining laws that would provide a permanent structure for development.