HomeLocal NewsMujuru’s B/bridge mine sparks interest

Mujuru’s B/bridge mine sparks interest


A NUMBER of local and foreign investors have reportedly shown interest in acquiring assets belonging to Limpopo Minerals, formerly River Ranch Limited, in Beitbridge which is winding up operations.

Report by Nqobile Bhebhe

Last year, the diamond mining firm was put under provisional liquidation after its major shareholder Rani Investment filed a High Court application requesting to close down.

Winsley Militala was appointed provisional liquidator of the company where the late Retired General Solomon Mujuru had a stake.
Officials at Militala’s office said close to 15 buyers had shown interest in the assets.

“We have been receiving bid applications and currently we are sitting on close to 15 buyers, both local and foreign,” the official who requested to remain anonymous said.

“Some have indicated that they are intrested in the mine or the minerals there.”

But in an e-mailed response to questions from NewsDay,  Militala said he was not able to comment on the developments because the bidding process had been extended.

“Therefore it remains confidential until the bids are assessed and the process completed,” he said.

“A full report to creditors and other stakeholders will be issued at an appropriate time.”

Mujuru took over the mine in 2004 in partnership with Adel Abdul Rahman al-Aujan, a millionaire Saudi real estate developer whose interests are represented by Rani Investment.

At the time the mine was owned by Bubye Minerals which took possession of the then insolvent mine in September 1998.
At the height of its operations under Bubye, the diamond mine was producing an average of 30 000 carats a month.

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