April 20, 2009 / 11:16 AM / 10 years ago

FACTBOX-Gold companies restart mining in Zimbabwe

April 20 (Reuters) - Gold producers are re-starting shut mines in Zimbabwe after new rules allowed them to sell gold directly on world markets, and keep the proceeds.

- On Feb. 2, Zimbabwe’s central bank announced it would allow gold producers to sell their own bullion, after output slumped in 2008 by more than 50 percent. [ID:nL2157452]

- Gold contributes one-third to Zimbabwe’s export earnings following the collapse of commercial agriculture after President Robert Mugabe’s seizure of white-owned farms to resettle landless blacks.

- At its peak, the country produced 2,400 kg of gold per month. Last year production stood at a record low of 3,072 kg from 6,798 kg in 2007.

- About half of Zimbabwe’s mining firms are foreign owned.

- Zimbabwe’s largest gold miner Metallon Gold is negotiating a $10 million loan from local and foreign banks to restart operations at its closed mines next month. [ID:nLK34211].

- London-listed Mwana Africa Plc MWA.L aims to reopen a Zimbabwe gold mine within six months and is also weighing restarting its Bindura nickel operations. [ID:nLP431155]

- Caledonia Mining Corp (CAL.TO) plans to resume mining at the Blanket gold mine in Zimbabwe. [ID:nBNG426390]

- Other than gold, Zimbabwe has the second largest platinum reserves in the world after South Africa, and Impala Platinum (IMPJ.J) — the mining firm with the biggest operations in Zimbabwe — is expanding its output in Zimbabwe to 260,000 ounces of platinum by 2010 from around 160,000 oz. The company expects output of 1.7 million oz this year.

- In the long term, Implats would like to grow production to 1 million oz a year in Zimbabwe.

- Anglo Platinum (AMSJ.J), the world’s biggest platinum producer, has said its Unki project in Zimbabwe will produce some 150,000 oz a year when fully operational. Angloplat expects to produce 2.4 million oz this year.

- Rio Tinto (RIO.L) and Aquarius Platinum AQP.L also own mines in Zimbabwe.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below