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Mr Ken Mekani

Tinashe Makichi Business Reporter
METALLON Corporation, the parent company of Zimbabwe’s largest gold producer, is expediting processes to operationalise mining ventures in Tanzania and the Democratic Republic of Congo(DRC).

The miner’s long-term target is to produce 500 000 ounces (14, 2 tonnes) of gold per annum. Chief executive Ken Mekani told The Herald Business that the group was optimistic of securing funding for its projects as initial assessments, particularly in Tanzania, were encouraging.

“A scoping study on our prospects in Tanzania has been completed and the results are encouraging. A bankable feasibility study will be developed and this will be used to secure funding for the project,” he said. “Metallon is focused on resource development across the group as a way of securing the future of all our mines. We have in place a dedicated team tasked with development and mine planning across the group.”

In Zimbabwe, Metallon, which is listed on the Alternative Investment Market of the London Stock Exchange (LSE), owns and operates five gold mines namely How Mine, Redwing, Mazowe, Acturus and Shamva.

Its local gold resource is estimated at eight million ounces. Production in Tanzania, especially at gold fields near Lake Victoria, is forecast for 2019. However, in the DRC focus is on Maniema province near Bukavu.

“Metallon has the assets and the mineral resources able to support our long term expansion plan. “Efforts continue to raise the funding required to exploit these resources and to optimally sweat our assets. “Despite the challenges in our environment, we are confident that these efforts will eventually bear fruit and that we will remain on track to fully leverage on our mineral resources to achieve our expansion plan,” added Mr Mekani.

Asa Resource Group (former Mwana Africa) has also begun investing in the DRC. Plans are underway to develop Motapa mine — whose lease and additional mining claims were acquired from Oleaster Investments in October 2003 — which is located in Bubi (100 kilometres north of Bulawayo).

There is also another venture at Midwinter in Mashonaland West Province. Metallon Corporation says plans to list its local unit on the Zimbabwe Stock Exchange (ZSE) are presently on hold.