$30M Zimbabwe Gold Mine Approved

AllAfrica.com reported that Wonder Bay Company has received approval to open a medium sized gold mine in Hope Fountain, about 85 kilometres north of Bulawayo at a cost of US$30 million. WBC is controlled by Zimbabweans with 57 percent shareholding while South Africans own the remainder.

As quoted in the market news:

According to sources, the project is expected to commence during the first half of this year.

“The investment would be staggered in three phases with US$5 million expected to be injected in the first year, about US$8 million in the second year and US$16 million in the third year.

Read the full story on AllAfrica.com