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Wednesday, May 29, 2024

US$12 million investment to double gold output at Bindura’s Ran Mine

Story by Tapiwa Machemedze

MALAYSIAN investment company, Rainbow Century has announced plans to ramp up investment at Bindura’s Ran Mine to boost production capacity.

After a substantial investment to aid the resuscitation of Bindura’s Ran Mine in 2020, Malaysian investors have pledged to inject fresh capital for expansion.

The mine which had ceased operations for 20 years was revived through cooperation with Australian and Malaysian investors based on the ‘Zimbabwe is Open for Business’ mantra.

Rainbow Century Director Mr. Hamid Ghows said “We want to increase impact on Mashonaland Central in terms of economic growth. We want to thank the support we have from the government.”

“We have been doing feasibility and exploration at Ran Mine for some time. A total investment of US$30 million was put and 150 youth are employed,” said Ran Mine corporate affairs director, Mr. Jack Murehwa.

The investors met Mashonaland Central Minister of State for Provincial Affairs and Devolution Honourable Christopher Magomo in Bindura this Wednesday, amid government assurances to support the investment initiative to boost the economic growth of the province.

“We embrace the investment they have made in our province. It is very important as it serves to buttress our President’s mantra of Leaving No One and No Place Behind. It also buttresses the issue that Zimbabwe is Open for Business. As the Second Republic is calling for economics, we are not spared from that call. As Zimbabwe, we are focusing on devolution, so, such investment puts us in a good space. We have to support the investment,” said Honourable Magomo.

Ran Mine recorded a turnover of US$12 million per annum from gold production and expects to scale up to US$24 million through expansion if the current challenges of gazetting its claims are resolved.

The mine which employs 150 employees plans to commission a second production line mid-year and has begun tailings dam and pipeline construction.

A dedicated powerline was built to enable expansion.

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