Two investors to inject $400m into ZMDC

Conrad Mwanawashe and Tinashe Makichi
Two investors have expressed interest to inject over $400 million in Zimbabwe Mining Development Corporation’s copper mining assets, The Herald Business has learnt.
ZMDC owns Mhangura Copper Mine, Alaska, Shekelton, Copper Queen and Copper King.
In an interview with The Herald Business yesterday ZMDC acting general manager Mr Wilson Chinzou said there is a lot of interest in the copper and tantalite mining assets.

“We have received quite a lot of interest and we have interviewed two investors at the moment and we are also waiting for some to chip in who have shown interest as well.

“ZMDC is looking at conducting due diligence on these investors considering that there are many that are expressing interest and I can confirm that big investors are coming,” he said.

“For all the copper mines we are looking at $400 million to turn around the mines and the investors are willing to invest the required capital from the presentations that were made. Some of the investors are willing to invest more than the required capital.”

Mr Chinzou said ZMDC has been courting investors for tin and tantalite.
The new ZMDC board has interviewed some of the interested investors and has 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 waiting for the finalisation of the ongoing consolidation of diamond mining companies by the Government.

“We are mainly focused on dormant mines especially Kamativi. We interviewed quite a number of investors and there is a technical committee that has been working with management and the investors made their presentations and they presented quite interesting issues pertaining their investment focus especially beneficiation,” said Mr Chinzou.

ZMDC has so far interviewed four investors for interested in Kamativi mine and the company hopes work to commence by September this year.
Mines and Mining Development Minister Walter Chidhakwa told a parliamentary committee recently that the Government is currently evaluating proposal 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 Shabanie and Mashaba asbestos mines and for gold mines under ZMDC.

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  • Lodza

    Zingizi taura hako. I am personally tired of these lies upon lies. its like everytime someone makes an internet search or a phone call, someone rushes to the press. For the record, I have an idea of the worth of $400m. To most Zimbabweans this sounds like a lot of money. Enough to resuscitate operations kuShekelton? I have my doubts. Operations there could be way beyond salvaging.