Diasporans, mining engineers partner ZMDC

A consortium of Zimbabweans living in the Diaspora and local mining engineers have partnered with the Zimbabwe Mining Development (ZMDC) with a view to inject $40 million to resuscitate three gold mines owned by the government mining company.

ZMDC owns Jena (Silobela), Sabi (Zvishavane) and Elvington (Chegutu) gold mines.

Mines and Mining Development deputy minister Fred Moyo confirmed the consortium had signed the memorandum of understanding (MOU) with ZMDC to invest in the defunct gold mines.

The consortium is set to raise $20 million from internal resources and possibly get an additional $20 million funding from banks.