Govt shortlists 3 investors to revive Kamativi Mine

valuations process and we are now left with three firms which are joint ventures between foreigners and locals,” ZMDC general manager Mr Jerry Ndlovu said in an interview on the sidelines of the Chamber of Mines annual conference in Victoria Falls.
The winning bidder would be announced before the end of this month. Kamativi Tin Mine was closed in 1994 following a slump in global tin prices and the mining out of the higher grade ores, but the metal prices have picked, making the reopening of the mine potentially viable. At the time of its closure the mine employed 800 people.
Tin prices are ranging between US$17 000 and              US$21 000 per tonne.
Mr Ndlovu could not, however, reveal the identity of the investors.
Deputy Mines and Mining Development Minister Gift Chimanikire said the Kamativi area has an estimated resource of 2,5 million tonnes of tin, tantaline, lithium and magnesium, which would require investment of up to R2 billion if it is to be fully exploited.
In July last year, ZMDC said between US$35 million and US$50 million was needed to resuscitate operations at Kamativi.
The mine, which opened in 1936 and situated in Matabeleland North Province, was closed in June 1994 due to lack of viability stemming from depressed international tin prices and falling ore grades.
The depression emanated from the devastating effects of tin price crash in 1995, when overnight, the price crashed from about US$10 000 per tonne to less than US$4 000.
The mineral is used in electroplating, creating alloys and manufacturing kitchen utensils.
Tin mining was a major economic activity in the province and at its peak, the mine produced one million tonnes of the base metal annually with a staff complement of about 1 000 employees.