Gaika invests an extra US$2 million for gold exploration

Business Top Stories Zimbabwe

Takudzwa Chihambakwe

Gaika gold mine has revealed that it will be injecting US$2,1 million for exploration purposes.

The investment comes after a similar exercise worth US$5,4 million revealed that there are gold deposits worth an estimated US$3,4 billion.

A technical report on the findings, audited by Canadian geological and consultancy firm, Watts Griffis and McOuat said it is believed that the drilling programme would further upgrade the quality and quantity of the Gaika project gold resource, which is a key step in confirming the viability of the open pit mine and attracting “substantial foreign direct investment” into the venture.

“Our international shareholders appreciate the assistance received from both local and national levels of Government, as well as Zimbabwe’s security forces, in dealing head-on with the unfortunate invasion of the Gaika project by some 3 000 illegal miners between February 2018 and April 2019.

This action highlights the Government’s commitment to the rule of law as well as creating an environment conducive to our foreign direct investment,” said the company in a recent statement.

“Further, during this period of Zimbabwe’s economic transition, we laud the proactive policies implemented by the Ministry of Finance (and Economic Development), including the foreign exchange auction, which has gone some way to further reassure all foreign direct investors pursuing
similar projects throughout the country as we build toward Vision 2030.”