SEATTLE (Scrap Monster): Jersey-based Caledonia Mining Corp. has expressed interest in buying one of the largest gold mine operations in Zimbabwe. The company announced plan to acquire additional assets in the country. As per reports, the company is eyeing to buy Bilboes Gold Ltd.’s Isabella-McCays-Bubi mines, in northwest Zimbabwe.
According to Victor Gapare, CEO, Bilboes, the company is looking for investments. However, he declined to confirm whether it is holding talks with Caledonia. Obviously, every gold mine in the country is looking for financial investment, he added.
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Incidentally, most of the mine operations, with a potential production capacity of 200,000 ounces of gold, are currently idle, in search of fresh investment.
Caledonia Mining plans to return the mines to full production within a short period. It would be in line with the company’s plan to expand its presence in Zimbabwe. The mine could be operated for more than a decade, it said. The company plans to invest $400 million in Zimbabwe over the next decade. The proposed deals could raise the company’s output to almost 500,000 ounces of gold per year.
It must be noted that the company had recently signed a memorandum of understanding (MoU) with the Zimbabwean government towards evaluation of some of the state-owned gold assets. The company considers good prospects in Zimbabwe, as good as assets in Africa and Mali.
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