BERNAMA.com - Zimbabean Miner RioZim Ltd Says It Needs US$125 Mln To Extend Life Of Murowa Diamond Mine
malay english mandarin arabic espanol fb tw ig

WORLD NEWS


Zimbabean Miner RioZim Ltd Says It Needs US$125 Mln To Extend Life Of Murowa Diamond Mine

Last update: 06/03/2018
 
HARARE, March 6 (BERNAMA-NNN-NEW ZIANA) -- The Zimbabwean mining company, RioZim Ltd, says it needs at least 125 million US dollars to extend the lifespan of its Murowa diamond mine by an additional three years, and to push output beyond one million carats per annum.

The Murowa mine is located about 60 kilometres south of the mining town of Zvishavane in Midlands Province. RioZim, formerly knowns as Rio Tinto Southern Rhodesia Ltd, is a listed local independent mining company with interests in gold, diamonds and coal.

RioZim Chief Executive Officer Bheki Nkomo told the Parliamentary Committee on Mines and Mining Development here Monday that the expansion at Murowa would be financed by a mixture of funding instruments.

"Going into the future, we are working with a life of mine that ends 18 months from now. As we go deeper into our kimberlitic operations, the cost of mining dramatically increases so hence if we need to extract more diamonds we need to invest more," he said.

"To extend the life of mine by approximately another three years, we will need a further investment of approximately 125 million USD into exploration, new greenfield plant, heavy mobile equipment, new staff accommodation plus related infrastructure, electricity and water infrastructure upgrade."

"We expect that once this capital expenditure is spent we should witness another 200 per cent growth in output from the current levels."

He said since RioZim took over the mine from Anglo-Australian mining conglomerate, Rio Tinto, in July 2015, Murowa had experienced a 300 per cent growth in production.....

 
 
 

       Previous Top Story