CHINESE company, Beijing Pinchang, has acquired a 49% stake in Kamativi Tin Mine in Matabeleland North Province after injecting $102 million to revive the project which seized operations in 1994, Mines minister Walter Chidakwa has said.
BY Stephen Chadenga
Speaking on the sidelines of the handover of various mining equipment to small-scale miners by Mimosa Mines in Zvishavane last Saturday, Chidakwa said under the deal, government through the Zimbabwe Mining Development Corporation (ZMDC) will retain its 51% controlling stake in the tin mine.
The mine, whose untapped reserves are believed to be around 100 million tonnes of tin ore, closed in 1994 after 58 years of operation.
“We had shortlisted four potential investors and the Chinese firm, Beijing Pinchang emerged as the best,” Chidakwa said. “They have injected $102 million and the company would be mining tin lithium and tantalite, among other minerals.
He said that the company would set up a refinery at the site as part of minerals beneficiation. Chidhakwa said government would assess the value of the dump at Kamativi, which would also be sold to the Chinese firm.
“We want to make sure that the company would do all the minerals at the site as part of beneficiation,” he said.
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At its peak, Kamativi used to employ 1 350 workers before a slump in international prices of tin forced to retrench 700 workers in 1991 before eventual closure in 1994. Chidakwa also said government was working on modalities to resuscitate Shabanie and Mashaba Mines as well as Sabi Mine.
