Eureka Gold Mine Project 98.5 Percent Complete - Owners

2 years agoSat, 14 Aug 2021 16:28:10 GMT
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Eureka Gold Mine Project 98.5 Percent Complete - Owners

The Eureka Gold Mine project is nearly 100 per cent complete after it resumed operations last month following a 20-year closure.

Located in Guruve District in Mashonaland Central Province, the firm suspended mining operations in 2000 due to the harsh economic environment at the time, just a year after it was commissioned as an open-pit mine by Delta Gold.

The company’s general manager Terence Jordan confirmed the resumption of operations while speaking to The Daily News. Jordan said:

The Eureka project is 98.5 percent complete. We have already partially commissioned the plant in July (last month) and produced our first gold. The gold production varies between 120 and 140kg per month.

Finance and Economic Development Minister Professor Mthuli Ncube in his 2021 mid-term budget and economic review statement, said at its peak, Eureka Gold Mine produced 1. 5 tonnes of gold per annum.

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Vast Resources, which has mining claims in Zimbabwe and Romania acquired a 95 per cent stake in Eureka Gold Mine through Dallaglio Investments marking a turning point for the gold producer.

In February this year, Padenga Holdings Limited which has acquired Dallaglio Investments, shareholders of the mine, said the 2020 third quarter saw US$15 189 million being spent on the project.

Padenga Holdings also announced that plans were underway to inject an additional US$26.3 million into the Eureka mine, one of Zimbabwe’s gold mines under resuscitation.

The company also indicated intentions to invest US$22m in 2022 to start underground development at Pickstone Mine near Chegutu.

Gold is one of the country’s major foreign currency earners and according to 2020 data released by the government-controlled gold buyer, Fidelity Printers and Refiners, the small-scale mining sector has become the dominant gold producer in the country.

The data released early this year revealed that the bulk of gold output during the seven months of 2020 came from small-scale miners who delivered over 7 000 tonnes while large-scale producers accounted for about 4 tonnes.

More: Daily News



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