Zimbabwe’s largest gold mining group, Metallon Gold is in need of US$ 50m to fund expansion projects. The company is targeting an output of 100,000oz by December from 82,000oz achieved last year after completion of the project.
Metallon’s head of corporate affairs Ambassador Zenzo Nsimbi confirmed this and said that for expansion, the group will commence greenfield exploration at Motapa and Midwinter. The process will employ a combination of geochemical soil sampling, trenching, diamond drilling and percussion drilling.
The company is owned by South African tycoon Mzi Khumalo, who at the same time, owns five other mines in the region namely; How Mine, Shamwa Mine, Arcturus, Mazowe and Redwing mines. How Mine is expected to produce 52,000 this year from 40,300oz achieved in 2013. Shamwa Mine will produce 26,000oz in 2014 but has a currently production level of 34,300oz.