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Gold/Mining/Energy : Canmine resources
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To: Marshhawk who wrote (2615)6/9/2000 4:24:00 PM
From: Marshhawk   of 2769
 
Zim gold mines
face closure
OWN CORRESPONDENT, Harare | Friday 10.00am.

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BUSINESS leaders have warned that gold mines in Zimbabwe will be forced to close if economic hardships continue to place a stranglehold on foreign currency inflows.
The country's gold mines are suffering from reduced production due to a lack of foreign investment, foreign currency shortages and poor gold prices on the world market, they said.
Doug Verden, a senior executive in the Zimbabwe Chamber of Mines said that production of gold -- the country's second highest foreign currency earner -- is down by a ton this year.
The figure could go down to two tons for the year 2000 if the poor economic climate persists.
A senior manager with Anglo American Corporation echoed Verden's comments. "There's a serious threat of marked reduction and closure of gold mines," said James Maposa, a senior manager with Anglo American Corporation Zimbabwe.
He said that the country's foreign currency exchange rate, poor gold prices and low foreign currency reserves are the "three critical aspects" reducing production. A foreign currency facility has only disbursed US$2-million to the sector since March, he explained.
Maposa said US$5-million are needed a month for inputs such as cyanide and explosives. He told journalists that the sector currently has a backlog of $8-million with the facility for required inputs which he said will have a "very serious effect on production." -- Reuters
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