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Business Reporter
THE Zimbabwe Mining Development Corporation (ZMDC) is finalising negotiations with a potential foreign investor paving way for the re-opening of the disused Kamativi Tin Mine in Matabeleland North.
The mine, a wholly owned subsidiary of ZMDC, was shut down in 1994 when the price if tin plummeted to $3,000 per tonne after 58 years of operation.
The mine produced tin and other by-products including tantalite niobium and lithium minerals.
Mines and Mining Development Deputy Minister, Freddy Moyo, told Parliament last week the future of Kamativi was bright as the government was close to sealing an investment deal to rescuscitate the disused giant concern.
“With the world’s growing demand for lithium batteries, the future of Kamativi can only be bright. ZMDC is presently negotiating with a potential foreign investor and will sign an investment agreement in a few weeks if current discussions remain positive as they are now. As soon as an agreement is in place, operations will resume,” said the Deputy Minister.
“Currently, the price of tin is at $23,000 per tonne. The mine has about 40 million tonnes of open ore, one of the best in the world. Besides tin, Kamativi Mine also hosts other valuable metals, which can also be commercially extracted.”
The total area covered by mining rights at Kamativi is approximately 4,832 hectares.
While operational, the mine produced 37,000 tonnes of tin from 27,000,000t grading 0.169%Sn and about 3,000 tonnes of the by product tantalite (Ta205).
At the time of closure, the mine had 28,143,000t ore reserves grading 0.79%Sn of which 4,435,000t ore grading 0.195%Sn could be exploited by open cast mining.
Online Reporter