Sakunda Holdings rescues Ministry of Mines with $10 million loan

Sakunda Holdings have agreed to loan the Ministry of Mines and Mining Development $10 million through the Zimbabwe Mining Development Corporation (ZMDC). The money will be used for the recapitalisation of  Jena and Sabi Mines.  The ministry negotiated for financial rescue of the two mines.  This will save at least 500 jobs and increase gold production.

An official from the Ministry of Mines spoke to Harare  Post and said:

I can confirm the last I saw from our records was that Sakunda had agreed on to loan the Ministry of Mines and Mining Development through ZMDC US$5 million for the recapitalisation of Jena Mine. I am not sure whether the same investor then increased the loan to also cater for Sabi Mine

More: Harare Post



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