adminIn an interview, Mines and Mining Development Deputy Minister Gift Chimanikire said the investors indicated plans to rekindle operations at the tin mine before the end of the year.
“There is a group of South African investors who have shown interest in entering into a joint venture with the Zimbabwe Mining Development Corporation (ZMDC).
“Last week, the South African investors made their presentation to ZMDC indicating that they are ready to invest $100 million to reopen the tin mine,” he said, adding that he did not have the names of the investors off hand.
Recently, ZMDC engaged about 20 companies across the globe in search of a suitable partner to enter into partnership with.
Mr Chimanikire said the exploration work done by the investors showed that the project was viable.
“During their exploration work, the investors also discovered a claim adjacent to Kamativi Mine which they said 500 000 tonnes of tin could also be produced at the claim. The investors also identified three other minerals in that locality,” said Deputy Minister Chimanikire.
In July last year, ZMDC said between $35 million and $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 $10 000 per tonne to less than $4 000.
At present, a tonne of tin fetches between $21 000 and $22 000 on the international market.
The mineral, which during its processing would have minerals such as tantalite and lithium recovered is used in electro plating, 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.
Online Reporter