Firm to invest US$15m in gold mining

Bhakaz Enterprises (Pty) Ltd, a senior executive said yesterday.
Bhakaz executive chairman Mr Julius Bhakira said in an interview that US$10 million would be used to recapitalise local diamond business and another US$5 million would be channelled towards funding gold operations in Zhombe in the Midlands province.

“It’s a good partnership that we have established with AGR,” said Mr Bhakira.
“They have purchased 48 percent into our group and have since brought in US$15 million, which will be used in gold mining and diamond trading.”
AGR is an international company involved in mining in various countries such as Ghana, Tanzania, Zambia, South Africa and now Zimbabwe.

It was established in Ghana and is backed with years of mining.
AGR chief executive Mr Salvatore Ferrante, an Italian businessman, was in the country between January and March with mining experts for some geological works and to establish the gold project’s viability.

He said Zimbabwe offered vast mining opportunities and pledged more investment in future. “We are very excited about the vast amount of opportunities in the mineral-rich country like Zimbabwe and we looking forward to bringing more investment,” he said.

Mr Bhakira said his company, which will hold mining rights, was finalising the process of securing about a gold claim measuring about 150 hectares in Zhombe.
AGR first came to Zimbabwe last year with the intention of buying and exporting diamonds as well as value addition, cutting and polishing.