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Business Reporter
THE Zimbabwe Mining Development Corporation (ZMDC) is still searching for a prospective strategic partner to re-open Kamativi Tin Mine in Matabeleland North.
Mines and Mining Development Minister Walter Chidhakwa told Business Chronicle in an interview recently that ZMDC which owns the mine was yet to come up with a potential strategic partner.
It has been reported that a South African investor had shown keen interest to invest in the mine.
About $50 million is required to resuscitate the mine.
“We will only get to consider proposals to invest in Kamativi Mine when they come through ZMDC but at the moment the parastatal has not come to us to brief on the prospective investor in the mine. They are still searching for prospective investors,” he said.
Kamativi Tin Mine was shut down in June 1994 after tin international prices fell to levels that made operations at the mine expensive.
“As part of a recent briefing by the ZMDC board, the revival of Kamativi Tin Mine is on the back of recovery of tin prices on the international prices,” said Minister Chidhakwa.
It is hoped that the resuscitation of operations at the mine would create employment and contribute to economic development in Matabeleland North.
Before the closure of the mine, Kamativi produced one million tonnes of the base metal annually with a staff complement of about 1 000 employees.
ZMDC has engaged about 20 companies across the globe in search of a suitable investor for the joint venture project.
The recent exploration work done by some prospective investors at the tin mine has shown that the project was viable.
During the exploration work, a claim adjacent to Kamativi Mine had also been discovered with results showing 500 000 tonnes of tin.
Online Reporter