Photo: NewZwire
Guruve’s Eureka Mine which shut down 20 years ago is finally set to resume operations this quarter after Padenga Holdings pumped in US$51m to bring the mine back to life.
Meanwhile, the Holdings says the processing chain at the mine will start production at an average of 140kg of gold per month, moving up to around 200kg/ month.
Apparently, Eureka Mine is one of the biggest producers of gold in Zimbabwe.
In a trading update for the quarter ended March 2021, Padenga Holdings said its mining division, Dallaglio Investments (Private) Limited, which owns Eureka Gold Mine, requires an additional US$11 million to bring the project’s expected total expenditure to US$51 million.
“The major capital expenditure for Dallaglio Investments in the quarter was the ongoing rehabilitation project at Eureka Mine near Guruve.
“In the period under review, the business spent US$6 million to bring the cumulative spend in this project since inception to US$39,3 million,” said Padenga Holdings.
In March, Dallaglio announced that the first open pit blast was successfully blasted at Eureka Gold Mine ahead of production resumption in the third quarter this year.
Zwnews
