By Lucy Tandi
HARARE (Mining Index) – DALLAGLIO Investments says it has channelled US$5 million towards the refurbishment and operationalization of Eureka Gold Mine.
The Eureka Mine commissioning was held on the 21st of October 2021, officially inaugurated by His Excellency, the President of the Republic of Zimbabwe, Dr Emmerson Dambudzo Mnangagwa.
The reopening programme started in 2018 through a ground-breaking ceremony which His Excellency officiated.
Dallaglio Investments purchased Eureka Gold Mine in April 2018.
“The total investment in refurbishing the plant and commencing open pit mining operations has been USD$5 Million,’
“At the time of purchasing the gold mine, Dallaglio’s forecast was that it would be able to re-establish the Eureka Gold Mine with internal cash flows generated by the Dallaglio groups other operating asset, Pickstone Peerless mine, but due to foreign currency challenges the company had to mobilise supplementary funding from the local banks as well as an equity funding injection from Padenga Holdings Limited,” said the company.
The second ball mill was commissioned on 26 August 2021 when the plant entered full production with the aim to reach nameplate by the end of 2021.
“Impressively the plant ramped up to achieve its full processing capacity of 100,000 tonnes per month by 25 November and shall yield 110-130 kg per month of gold production in the initial 4 years, increasing to a monthly average of 140-150 kg over the longer term,” said Dallaglio.
The current mine plan defines a mining pit life of 10 years at an average grade of 1.59 grams per tonne.
The current open pit mine plan will allow DGZ roughly 9 years of operations at 100,000 tonnes of ore per month to mine this reserve. A future scoping study will be used to determine at which point to change to underground mining.
Dallaglio Investments is committed to play its part as a responsible corporate citizen. Our CSIR footprint is underpinned by our belief that we can only achieve sustainable investments if we have sustainable partnerships with our stakeholder communities.
The mine has already created employment for 500 people, with over 300 coming from the local community. ENDS// www.miningndex.co.zw
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