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MINES and Mining Development Deputy Minister Fred Moyo says the re-opening of Kamativi Tin Mine is being handled by the Zimbabwe Mining Development Corporation (ZMDC) following the successful conclusion of an investment deal with China Beijing Pinchang Investment last year.
After securing $102 million for the re-opening of the disused Matabeleland North-based mine, many Zimbabweans are wondering what is stalling the implmementation of the project.
ZMDC signed the $102 million Joint Venture Arrangement with Beijing Pinchang Investments in August to resuscitate operations at the mine.
Kamativi, wholly-owned by ZMDC, ceased operations in 1994 after the price of tin on the international market declined from about $18,000 per tonne to less than $3,000. At the moment the international prices of tin are hovering between $15,000 and $22,000 per tonne.
Moyo told Business Chronicle that the government had played its part in sourcing the investor and discussions on long-awaited Kamativi Mine resuscitation were now under the purview of ZMDC.
“The government has played its role in sourcing the investor for Kamativi Tin mine and any discussions with regards to the re-opening of the mine is now being handled by ZMDC,” he said, before referring further questions to ZMDC chairman David Murangari.
Murangari could not be reached for comment.
The closure of the mine resulted in the loss of many jobs and opportunities for surrounding communities.
According to the ZMDC, between $35 million and $50 million is needed to resuscitate operations at Kamativi.
Under the deal, the Asian investor will assume a 49 percent stake while the ZMDC takes 51 percent in line with Zimbabwe’s indigenisation policy.
Apart from tin, the mine has other mineable minerals which include lithium, tantalite, beryl, copper and beryllium.
Meanwhile, former Kamativi Tin mine workers are pressing for the establishment of a small-scale mining syndicate that will operate as a tributary once the defunct mine re-opens.
Online Reporter