ZMDC shortlists SA, Canadian investors

ZMDC shortlists SA, Canadian investors
Published: 26 July 2018
THE Zimbabwe Mining Development Corporation (ZMDC) has shortlisted Canadian and South African investors for joint venture partnerships to resuscitate its defunct gold and graphite mines in the country.

Speaking by telephone yesterday, ZMDC acting general manager Mr Garikayi Chimhina said investors from the two countries had also been shortlisted under a joint venture arrangement for its two coal-bed methane projects.

"We have submitted to our parent ministry the names of companies that responded to our tenders seeking joint venture partnerships with ZMDC to resuscitate Sandawana, Jena, Elvington and Lynx mines as well as partnerships for our new projects in Lupane where we have two CBMs (Coal-Bed Methane).

"Among those that we have selected for joint venture partnerships are local and foreign investors from South Africa and Canada," he said.

The parastatal is looking at investors with capital, technology and skill hence local and foreign investors are being considered for the joint venture arrangements.

"We are now waiting for approval from our parent ministry before announcement of successful bidders is made and speculatively it is most probably that we are likely to get a response on the approvals from Government immediately after elections," said Mr Chimhina.

He said bids for the proposed joint venture partnerships had been overwhelmingly received from foreign investors in countries such as Australia and America, among others. It is hoped that the joint venture partnerships would go a long way in ensuring that ZMDC fully exploits its potential and contributes to the economy by tapping into various resources found across its concessions.

For instance, if recapitalised, ZMDC would be able to tap into minerals such as gold, emeralds, tantalite, iron ore, and lithium deposits at Sandawana Mine in Mberengwa as well as resuming operations at Lynx Graphite Mine in Karoi. On Jena Mines, which was re-opened, the parastatal is seeking investors with a view to inject fresh capital to boost gold production at the mine.

Elvington Gold Mine, which at the moment is on care and maintenance, suspended operations in 2003 due to the collapse of one of its main shafts. The mine is involved in dump retreatment while preparing for resuscitation of underground operations.

Before suspending operations, the mine used to produce 45 kilogrammes of gold per month. Lynx Graphite Mine was also under care and maintenance after shutting down some years ago when a Germany investor pulled out of the partnership. Last year, ZMDC, which also owns Sabi Gold Mine in Zvishavane, re-opened the operation in March last year through a joint venture partnership with a local investor, Chandiwana Mines. The gold mine employs over 400 people.
- chronicle
Tags: ZMDC,


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