Globe and Phoenix gold mine seeks $3 million

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KWEKWE — Globe and Phoenix mine near Kwekwe, once the biggest gold miner in the country, is in talks with potential investors to raise $3 million to revive its operations, an official said on Wednesday.

At one time one of the world’s most productive gold mines, it suffered from operational problems but stopped mining activities in 2007 after falling foul of environmental laws.

General manager Emanuel Nhamo said the mine is in talks with South African and Chinese investors to finance its operations. It has debts of around $500 000 which accrued mostly from 2008.

“Most of our debts are statutory obligations to NSSA (National Social Security Authority), Zesa bills and Zimdef (Zimbabwe Manpower Development Fund). These debts have crippled our operations which has forced us to shed jobs and scale down on production,” said Nhamo.

At its peak, it employed over 2 000 employees but Nhamo said that number has shrunk to 200.

“We have kept that small workforce not because they are producing anything but because putting them on the streets would worsen their plight. We do struggle to meet their salaries owing to the crippling debts and absence of new investment on the market,” he said.

Nhamo said the investment would be used to clear the debts, purchase new equipment and operating capital.
—The Source

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  2. I would have thought the local banks would finance you or even the government. USD3m is not a lot of money for some local banks given you were once the biggest gold producer. Unless if there is something you are not disclosing.

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