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The South African company, Burnstone, had entered into a joint venture deal with the ZMDC and promised to inject US$100 million (about R993million) to revive mining operations at Kamativi.
In an interview with CAJ News, Mines and Mining Development Deputy Minister Gift Chimanikire, said ZMDC was also set to revamp other mining projects in the country.
“ZMDC is trying to solely invest at Kamativi Tin Mines during the current financial year.
“In terms of the exact timeframe and money it will inject, it’s not clear at the moment, but as the situation stands it is going to be a ZMDC issue using its own funds,” Mr Chimanikire said.
ZMDC is the government’s investment vehicle in the mining sector and it has entered into joint ventures with foreign investors in some of its mining operations, including diamond mining in Chiadzwa, Manicaland province.
Mr Chimanikire said without outside investors, the corporation would have nobody to share profits with.
“This will also ensure the exploitation of Zimbabwean resources by the Government for the full benefit of the people of Zimbabwe,” he said.
He said other mining operations which ZMDC was set to revive include Elvington Gold Mine in Chegutu (Mashonaland West Province), Sandawana Mine in Mberengwa and Sabi Gold Mine (both in Midlands province).
In a separate interview, Zimbabwe Mining Development Corporation chairman, Mr Goodwills Masimirembwa, confirmed the corporation would use its resources to reopen the tin mine but insisted investors were still welcome.
“We are still entertaining investors but we are actually mobilising resources to open the mine on our own.
“The investment window is still open to those who may want to partner us,” Mr Masimirembwa said.
The Kamativi Mines, which opened in 1936, shut down in June 1994 due to lack of viability stemming from a depression of international tin prices and falling ore grades.
The depression emanated from the devastating tin price crash in 1985 when, overnight, the price crashed from about US$10 000 per tonne to less than US$4 000.
The mineral, which during its processing yields bi-products such as tantalite and lithium, is used in electroplating, creating alloys and manufacturing kitchen utensils. The tin mines were a key economic activity in the province and at its crest, produced one million tonnes of the base metal annually with a staff complement of about 1 000 employees. – CAJ News.
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