Zimbabwe Mining Development Corporation secures $150 million to revive gold mines

Zimbabwe has secured a $150 million facility to revive three gold mines run by its Zimbabwe Mining Development Corporation (ZMDC).

Ministry of Mines secretary, Munesu Munodawafa told the Parliamentary Committee on Mines and Energy that the final agreement is expected to be signed next week but he did not name the investor.

“We are expecting the final discussion to take place. What I can confirm is that we have managed to secure a $150 million facility to attend to the ZMDC gold miners that is Sabi, Jena, Elvington and Graphitewerk Mine,” he said.

Munodawafa said Sabi mine in Zvishavane, had increased monthly production from three kilograms to 20kg, following a $7 million capital injection last October.

Jena has capacity to treat 450 tonnes of ore per day and in 2013 produced 309kg of gold.

Elvington which used to produce 45 kg per month at its peak, ceased operations in 2003. – The Source

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This post was last modified on January 14, 2018 4:47 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.