Beijing Pinchang, the Chinese investor, is currently negotiating with the Zimbabwe Mining Development and the Zimbabwe Government to invest up to $100million to revive the Kamativi Tin Mine.
The Zimbabwe mine, which has been closed for 21 years, has around 40 million tonnes of open cast tin reserves and is considered one of the best tin mines in the world.
“The government entered into this agreement through Zimbabwe Mining Development Corporation (ZMDC) and the parties have started working on the financial closure issue,” Mines deputy minister Fred Moyo told Parliament this week.
“We hope that these last discussions will be concluded soon. There are conditions or precedence, that the targeted investor must satisfy and I would like to say that a permanent announcement would be made by the ministry once these discussions are finalised,” he said.
The ZMDC has earmarked a need for up to $50million to restart operations at the mine.
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