US$90m needed to resuscitate SMM

in a position to start any operations unless they raised at least US$20 million. “For us to resume full operations at the mines, we need up to US$90 mil­lion, but an amount of US$20 million is the minimum required to start produc­tion and we can grow from there,” he said.
He lamented the last-minute pull-outs by some potential investors who have cited blacklisting as the Western-sponsored illegal economic sanctions on Zimbabwe continue to bite.
Mr Masimirembwa said that this has led to the delay in re-opening of the mines, which were expected to be oper­ational by the end of this year.
“We, however, hope to start opera­tions at Gaths Mine where water drainage is currently taking place. It’s our profound hope to commence oper­ations on our own since foreign investors have not been willing to com­mit themselves,” he said.
Mr Masimirembwa said had been paying workers accord­ing to their grades.
Meanwhile, Mr Masimirembwa revealed that ZMDC would soon start mining operations at the now defunct Mhangura and Kamativi mines.