A consortium of local businessmen in Zimbabwe submitted a bid for Metallon Corp. Ltd.'s idled Mazowe and Shamva gold mines, The Herald reported May 28, citing anonymous sources familiar with the developments.
Vara Mining reportedly secured offshore funding to bankroll a US$120 million investment aimed at doubling production at the mines over three years by developing resources near the surface and improving operational practices to maximize returns.
A 10-MW solar farm at Shamva would be developed to ensure uninterrupted power supply, the report said. The planned expansion would generate about 3,200 jobs at its peak.
The news came after B2Gold Corp. denied interest in Shamva, which Metallon shut down along with the Mazowe and Redwing mines amid mounting debt.