Sabi Gold Mine in Zvishavane produced 79.6 kilogrammes of gold in the first four months since reopening in March this year, according to the judicial manager.
“Since the commission of the mine from March to June, we produced 79.6 kg and sold (the gold) to Fidelity Printers,” Wesley Sibanda of Welsa International Chartered Accountants said.
The mine was mothballed in 2011 due to working capital constraints and was placed under judicial management in September 2014 before a $13 million deal between a private investor, Chandawana Minerals Company and government this year saw it resume mining activities.
Sibanda said the mine now has 326 employees while and expects to prospect for more gold to expand its lifespan.
Sabi, owned by the Zimbabwe Mining Development Corporation, is the third largest mine in Zvishavane after Mimosa and Murowa diamond mines.
At its peak, it produced 50kg of gold per month with a total workforce of 420.-The Source
(63 VIEWS)
This post was last modified on %s = human-readable time difference 4:22 pm
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…