ZMDC ‘still talking to potential investors’

2/27/2012

Monday, 27 February 2012 00:00

The Zimbabwe Mining Development Corporation is yet to secure funding to reopen the Kamativi Tin Mine in Matabeleland North Province, which was closed in 1994, an official said last week. The ZMDC announced in July last year that it was seeking between US$35 million and US$50 million to revive operations at Kamativi.

The closure was necessitated by the unexpected slump of tin prices on the global market to an all-time low of US$4 000 per tonne. Before the price depression, tin was fetching US$10 000 per tonne.
ZMDC chairman Mr Godwills Masimirembwa said they were still engaging potential investors.

“We are still talking to potential investors. Management held a meeting with a potential investor last week,” he said.
He, however, would not be drawn into revealing the outcome of the meeting.

Tin mining was a major economic activity in Matabeleland North Province and at its peak, Kamativi produced oe million tonnes of tin annually with a staff complement of about 1 000 employees.

Tantalite and lithium are some of the minerals which are recovered during the processing of tin.
Currently, a tonne of tin is fetching between US$21 000 and US$22 000 per tonne on the international market.
 
Commercially, tin is used in electroplating, creating alloys and manufacturing kitchen utensils.
Indonesia is the world’s largest producer of tin. — New Ziana.