10 August 2017

Zimbabwe: Platinum Mine Yet to Commence Operations

Zimbabwe's Bokai project, touted as potentially one of the country's biggest platinum mining projects, is yet to commence operations despite government saying it had cleared hurdles that had stalled the project.

The mine is owned by Todal Mining, which is 40 percent owned by the State-owned Zimbabwe Mining Development Corporation, with the balance held by Eurasia National Resources Corporation (ENRC).

ENRC acquired the company when it bought Central African Mining and Exploration Company (CAMEC) in 2009.

Government had rejected the acquisition, saying Todal had been improperly sold to ENRC.

But in May, Mines and Mining Development Minister, Walter Chidhakwa, said Cabinet had resolved to pursue the takeover dispute separately while allowing the company to proceed with investment in the project.

Deputy Mines minister, Fred Moyo, confirmed to The Financial Gazette that work was yet to start at the Bokai concession.

"Production has not started yet. They are not producing yet, but are working towards re-commissioning," Moyo said.

He, however, indicated that he was not yet informed about the real reason work had not yet begun.

An insider at ZMDC said production had not commenced because the investors had "come up with new conditions" before starting exploration.

"Everything is set. However, what remains is just for government to meet a few conditions. Once that is fixed, it's all systems go," the insider said.

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