adminBusiness Reporter
The Zimbabwe Mining Development Corporation has completed a due diligence report on investors that have expressed interest in investing in its mines.
About two investors have so far expressed interest in injecting over $400 million in the ZMDC copper mining assets.
ZMDC owns Mhangura Copper Mine, Alaska, Shackelton, Copper Queen, Copper King and a number of diamond and gold mines.
Speaking to Herald Business yesterday, ZMDC acting general manager Mr Wilson Chinzou said a lot of interest has been expressed in the mining group’s copper and tantalite mining assets.
“So far we have successfully completed a due diligence report on investors who are willing to invest in our mining assets.
“However, we are now expecting to submit the report to the Mines and Mining Development Ministry for recommendations and we hope once everything is cleared at the ministry we would be in a position to communicate the way forward,” said Mr Chinzou.
ZMDC is looking for $400 million to resuscitate its copper mines and the investors are willing to invest the required capital from the presentations that were made.
Mr Chinzou said ZMDC has also been courting investors for tin and tantalite and the new ZMDC board interviewed some of the interested investors and received a number of expressions of interest especially in Kamativi and the copper mines.
More investors have also shown interest in the company’s diamond mining assets but that has since been put on hold pending the finalisation of the ongoing consolidation of diamond mining companies by Government.
ZMDC is mainly focused on dormant mines especially Kamativi.
Mines and Mining Development Minister Walter Chidhakwa told the Parliamentary Portfolio Committee on Mines and Mining Development recently that Government is currently evaluating proposals from suitors who are angling for tin, gold and asbestos mines.
Minister Chidhakwa said that the Government had received several proposals for Kamativi Tin Mine and Shabani-Mashaba asbestos mines and for gold mines under ZMDC.
ZMDC has so far interviewed four investors who are interested in Kamativi Mine and work was expected to commence last month.
Online Reporter