Zimbabwe Platinum Mines (Zimplats) is continuing to harden its plans for a multi-billion expansion of production at the Ngezi Mine.

The two-phase process is expected to initially deliver a one million tonne per annum underground mine and a 1.5 million tone per annum concentrator at the site, with the firm currently negotiating with the Reserve Bank of Zimbabwe (RBZ) over funding.

Holding company Implats revealed that it is still in discussion with the RBZ as part of plans to bolster Zimplats' capacity and to develop Zimbabwe's natural resources.

A senior Reserve Bank official told the Zimbabwean newspaper the Herald that progress had been made in seeking "a satisfactory conclusion in the interests of both the mining investors in the country and the central bank".

The second phase of the Ngezi development will focus on the development of infrastructure in order to provide the necessary facilities for the increased level of workers and apparatus involved in the first stage.

Zimplats says a study team is has now been "commissioned to investigate subsequent phases of the expansion".

The country's Ministry of Mines and Mineral Development is also currently working on revising the framework governing mining rights as the rules are redrafted along Black Economic Empowerment (BEE) lines amid a period of change for the domestic platinum industry.

Zimbabwe's government has taken control of marketing the precious metal and has also moved to abolish offshore accounts held by platinum producers in an effort to strengthen the state of the foreign currency market in the country.

The government recently confirmed that it would be seeking to force platinum producers - who include South African heavyweights Angloplat and Implats - to open local foreign currency accounts.