via Two investors to inject $400m into ZMDC | The Herald 26 August 2014 by 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.
COMMENTS
We have heard this since i was born,Which investor in their right minds will invest in ZANU companies? There are no such promises its only to pruce up their image to look like they are doing their jobs whilst they know noone will come on board.Unless if someone has water for brains then they will invest in ZMDC.Then the executive of ZMDC will loot the investment and threaten them with expulsion and indeginization.What is 51% to match 400million?thats what ZMDC will have to raise to match their share, which is around $604 million where will they get that kind of money? if people they dont have anything to say just blame Tsvangirai, maybe people will be interested!
Todi zvavo. You have brilliantly spelt it out. Zpf the most incompetent govt in world history.even more criminal than Cuba equatorial guinea north Korea Iran DRC Venezuela Angola
they need their head tested.
Misleading headline as usual it must be the HERALD.Please don’t take people for fools.
An expression of interest or numerous interviews do not constitute a deal. I have an interest in being a house owner does that mean I have a house?? You liars
No money has been invested yet … liars!!
note the headlines – two investors have – but read the words they are promising?
Mhangura Copper mine & tghe mines talked about were owned in the early 1980’s by Messina in South Africa. The operating company in ZW was called M.T.D. Mangula and quoted on the Zimbabwe Stock Exchange.
Early ambitious people in ZANU PF that included Mugabe, Chidzero and Mnangagwa almost forced out the Messina company as they wanted the mines for ZANU PF.
They (ZANUPF) won over but in the process paid a very high price for the mines & not being blessed with a geological or financial brain the South Africans laughed all the way to the bank.
The copper deposit at Mhangura was nearing the end of its useful life.
So now we have ZANUPF telling us somebody is going to invest in a mine that has no copper left underground.
That is todays silly joke out of Zimbabwe and ZANPF for today
These chaps are smoking too much ganja. Open liars Zanu are.
You hear about gullible tourists being sold the Eiffel Tower. Well ZANU fell for it and purchased the slag heap at MTD’s Messina, N.Tvl., mine and railed it to Mhangura. MTD took payment in the form of copper ingots produced in Mhangura as well as saving themselves the cost of disposing of their slag heap.