FUNDING CONSTRAINTS PEGS BACK GATHS MINE REOPENING
Written by Panashe Madzinga on May 3, 2018
Shabanie Mashava Mines says plans to commence underground mining at Gaths Mine by the end of this year are likely to fail as they have been unsuccessful in engaging the Reserve Bank of Zimbabwe to release foreign currency to purchase equipment.
SMM Holdings’ Chief Executive Officer Mr Chirandu Dhlembeu says they are faced with financial challenges in improving water pumping capacity and having the shaft repaired.
He said they are four months behind schedule as the application for funding from the central bank has not been acceded to.
The mine requires $900 000 to have its pumps repaired so as to improve its water pumping capacity during the dewatering process.