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Loan bid to revive Zim mine

By unknown | Apr 16, 2009 | COMMENTS [ 0 ]

HARARE - Zimbabwe's largest gold miner Metallon Gold is negotiating a $10million (about R92million) loan from local and foreign banks to restart operations at its closed mines next month.

State-owned newspaper The Herald said yesterday Metallon hoped to secure the money by the end of this month and would use it to fund operations and re-equip its mines.

Most of the country's gold mines shut last year as they struggled with an economic crisis worsened by hyper-inflation, which made local currency worthless.

The company's chief executive Collen Gura said Metallon planned to immediately resume production at two of its biggest mines and planned to re-open the other three later using its own resources. - Reuters


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