MINING giant Duration Gold has engaged CBZ Capital as an exclusive advisor in preparation for the sale of Gaika Mine in Kwekwe.
Duration Gold, which also runs Vumbachikwe in Gwanda and other early-stage exploration projects, took the decision to streamline its operations despite already having invested over US$10 million at Gaika.
“Duration’s strategic decision to streamline its operations has come after wide consultations including its shareholders, which include five major international investors and the Ministry of Mines which is striving to meet the grand US$12 billion target set by government,” said Duration Gold.
“The decision is timely as Duration Gold has invested heavily in the project and accomplished its primary goal of advancing the Gaika exploration project from a small historic, but abandoned, gold mine up the “Exploration Value Curve” to a critical decision point for the Company, the Nation and the local community.”
A 2022 project scoping study conducted by South African-based VBKOM project Managers revealed encouraging results with projections of 85,000 ounces per year.
The report also proposes an Open Pit Mine for Gaika at a cost of US$175 million, for a twelve-year mine life.
Having been commissioned in 1894, Gaika was one of the country’s first mines alongside neighbouring Globe and Phoenix after colonial rule commenced in 1890. – (New Zimbabwe)