HomeBusiness DigestZim mine goes for US$4,5m

Zim mine goes for US$4,5m

MMAKAU Mining, the chairman of which is Bridgette Radebe, has bought a gold mine in Zimbabwe, the company announced this week.

Mmakau Mining spent US$4,5 million (R30 million) for a 75% equity interest in Eureka Gold Mine.

The rest would be held by Shaft Sinkers, Mmakau’s partner in the deal with Placer Dome South Africa.

The agreement provided for Mmakau Mining and Shaft Sinkers to include a Zimbabwean black economic empowerment entity, the company said.

“We are confident that our consortium will provide the necessary expertise, support and infrastructure to successfully operate the mine,” said Radebe.”Our nine years of experience in Zimbabwe and continued commitment to indigenous equity and rural renewal programmes in the country also stand us in good stead.”Studies have confirmed that the mine contained gold reserves in excess of 250 000 ounces, with an expected peak production of 60 000 ounces a year. – Business Report

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