Business in Brief: Caledonia dispose 51% of Blanket Mine

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Caledonia Mining Corporation has agreed to dispose 51% in its local gold mining unit Blanket Mine for $30,09 million in compliance with the countrys Indigenisation and Economic Empowerment Act.

The Canada-based company signed a memorandum of understanding with Youth, Development, Indigenisation and Empowerment minister Saviour Kasukuwere on Monday.

Under the agreement 16% will be sold to the National Indigenisation and Economic Empowerment Fund while 10% to a management and employee trust for the benefit of the present and future managers and employees of Blanket.

An additional 15% will be sold to identified indigenous Zimbabweans and 10% will be donated to the Blanket Gwanda Community Trust.

The mining group also pledged to donate $1 million to the community trust as soon as it is established.