September gold deliveries smash two-year record

By Owen Mandovha

The march towards attaining a US$12 billion mining economy is steadily progressing, with September gold deliveries smashing a two-year record.

This follows the rehabilitation, resuscitation and expansion of existing mining projects which has of late seen a spike in gold production.

According to the Deputy Minister of Mines and Mining Development Honourable Polite Kambamura this points to the success of government policies in reforming the mining sector.

On another note, Zimbabwe’s prospects of becoming a global lithium hub are getting brighter by the day, with the latest results of Staged Optimised Feasibility Study (OFS) showing that the project’s net present value is US$465 million, with a 35% internal rate of return.

According to the OFS, average annual earnings of the project are estimated at US$97 million before interest, taxes, depreciation and armotisation.

The OFS also calls for a progressive construction of two 1,2 million tonne plants processing modules.

Pre-production capital expenditure is set at US$140 million for the first four years and a further US$72 million in the second stage.

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