HomeNewsZMDC requires $35 million to recapitalise mines

ZMDC requires $35 million to recapitalise mines

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THE ZIMBABWE Mining Development Corporation (ZMDC) says $35 million is required to recapitalise its three gold mines and up production after a subdued output in 2012. ZMDC is mining gold at Jena, Sabi and Elvington.

REPORT BY NDAMU SANDU BUSINESS REPORTER

Jerry Ndlovu, ZMDC general manager, told guests at the corporation’s end of year dinner on Friday that resources mobilised would grow the mines in terms of capacity.

“Recapitalisation of our gold mines is continuing in 2013 and a total investment of US$35 million is required for the gold mines to be fully capacitated,” Ndlovu said.

In the period February 2009 to October this year, a total of US$21 829 381 was injected into ZMDC’s gold mines.

Ndlovu said ZMDC has grown over the years since its formation in 1982. From six mines at inception, the corporation now has 16 mines under its stable.

Of the mines, four are wholly owned by ZMDC while the remainder are in joint ventures with other companies.

Ndlovu said ZMDC has managed to sign six agreements in gold and diamonds exploration and development.

“Of the six, one is a shareholders’ agreement for platinum,” he said.

He said 18 non-disclosure agreements for exploration and development in gold, diamonds, tin/tantalite and copper have been signed this year.

Ndlovu said ZMDC is adopting a five-year growth strategy underpinned by the need to quantify and unlock the mineral value base of the country. This would result in the sustainable development and exploitation of the deposits to their full economic potential.

The growth strategy runs from 2013 to 2017 designed to ensure that ZMDC is among the top 10 leading and most viable mining houses in Africa in five years.

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