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Mash Central Bureau
The US$10 million investment into limestone mining by Samano Holdings (Pvt) Ltd in Mazowe district will create at least 1 000 new jobs and generate US$170 million over ten years.
The new mine joins a string of mining ventures creating wealth and providing jobs in Mashonaland Central with Eureka Gold Mine in Guruve, Shamva Gold Mine and Ran Mines in Bindura having been resuscitated and re-opened.
These developments will go a long way in attaining the mining sector’s target of a US$12 billion industry by 2023 and upgrade the province’s own contribution to national output while providing jobs for local people.
The joint venture agreement between Mazowe Rural District Council and Samano Holdings (Pvt) Ltd for limestone mining was announced after Tuesday’s Cabinet meeting.
Cabinet approved the engagement of Samano Holdings (Pvt) Ltd by Mazowe Rural District Council for mining limestone at Dandamera Farm.
Under the deal Samano Holdings will invest US$10.6 million into the venture, including US$4.5 million required for the 5MW solar plant to supply power for mining operations. Mazowe Rural District Council will contribute mineral resources and the mining title.
For the first five years Samano will have 70 percent of the shareholding, this falling to 60 percent subsequently.
He said the project will create at least 1 000 jobs for locals, generating US$170 million over ten years.
The company is also expected to plough back to the community through corporate social responsibility programmes.
The mine will also provide a wide range of products for use by agricultural and construction industries.
Online Reporter