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 August 1, 2017 4:22 pm
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…