MINING REFINING

Zimbabwe State Miner Seeks $150 Million to Boost Gold Output

Mon July 15 2024

Zimbabwe’s largest gold producer is negotiating with potential partners for a $150 million investment to boost production at its Shamva mine by 50%.

Kuvimba Mining House Ltd. — 65% owned by the state — has already undertaken feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard.

“We are discussing that with potential partners to go forward,” Barnard told reporters in the capital, Harare on Monday. “This is a resource which is really significant, it’s large, it’s high quality.”

Zimbabwe bought Shamva from Metallon Gold in 2020 as part of push to acquire mining assets in the country. Kuvimba has also rolled out a system, developed by Comstack Ltd., to track gold output, the CEO said.

“It enhances our gold traceability system from the mine to the market,” he said. “It is important we have regulatory compliance, not only within Zimbabwe but also internationally.”

Source: https://www.bloomberg.com/