HomeBusiness DigestMining industry explores opportunities for investors

Mining industry explores opportunities for investors

ZIMBABWE Mining Development Corporation (ZMDC) chirman Godwills Masimirembwa said the parastatal holds two million hectares of mining ground, of which 1,8 million hectares are diamond ground.

Report by Staff Writer
Masimirembwa said the corporation continues to explore joint venture opportunities with investors.

If ZMDC does not have any particular mineral in its portfolio, they could always go to the mines minister and ask for more claims, Masimirembwa said.

Mines minister Obert Mpofu said ZMDC was a vehicle government managed on behalf of the people and any group of local investors who can organise themselves into consortiums could come and take over the mines.

Masimirembwa said negotiations were  at an advanced stage for an equity partner for one of the corporation’s gold mines in the Midlands.  He said the investor was from Romania.
Negotiations for Sandawana mine were also at an advanced stage for an equity partnership with an investor from Thailand.

Early this year, Masimirembwa said ZMDC had discovered gold and massive iron ore deposits at its emerald and tantalite — Sandawana Mine — in Mberengwa.

Masimirembwa said they would continue exploring for other minerals at the mine, amid reports emerald deposits are seriously depleted.

He added the mining group discovered iron ore deposits stretched over 21km. He maintained that emerald and tantalite operations would continue at Sandawana, dismissing reports that government had closed the mine due to depleted deposits.

Masimirembwa said the corporation was also looking at the resuscitation of Mhangura copper mine dump, which he said can be commercially exploited, as well as the brownfield areas.
To date the ZMDC has paid out US$300 million in dividends to  government, the highest return ever by a state institution.

ZMDC has full or part interest in the following: Jena Mine (Pvt) Ltd, Kimberworth Investment (Private) Limited (t/a Sabi Gold Mine), Mineral Development (Private) Limited (t/a Elvington Mine), Zimbabwe German Graphite Mines (Private) Limited (t/a Lynx Graphite Mine), ZMDC Management Services Limited (ZMDCMS), Protea Court (Private) Limited, Mining Promotion Corporation(Private) Limited (MPC), Sanyati Copper Mines Limited, Mhangura Smelting & Mining (Private) Limited, Lomagundi Smelting & Mining (Private) Limited, Merits Limited, Kamativi Tin Mines Limited (KTM), Kamativi Smelting and Refining (Private) Limited, Sabi Consolidated Gold Mines Limited, Sandawana Mines (Private) Limited, Wanbao (Private) Limited, Zimbao (Private) Limited, Russzim (Private) Limited, Ruschrome (Private) Limited, Global Platinum Resources, Marange Resources (Private) Limited,  Northridge Platinum, Todal Mining, Zimari Platinum, Zimari Nickel and Afri-Sino Resources.

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