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Mzi Khumalo's mine starts indigenisation

Oct 08 2012 16:46
Malcom Sharara, Fin24's correspondent in Zimbabwe
Harare - Zimbabwe's largest gold miner, Metallon Gold, owned by South African mining magnate Mzi Khumalo is working on implementing its Indigenisation programme.

According to documents seen by Fin24, Metallon plans to give some of the shares to Metallon Gold Zimbabwe Employee Ownership Trust as well as a Managerial Employee Trust. Currently managerial employees total 57, while non-managerial employees total 3 657.

A total 5% of the shares are set aside for employees, with 95% of the 5% set aside for non-managerial employees and the other 5% allocated for the managerial employees trust.

The value of the shares will be determined through negotiation between the two parties - the company and the employees.
 
Unnamed sources who spoke to Fin24 said the final meeting for negotiations will be on October 9 2012.
 
The last valuation by mining consultants SRK had put the value of the group at $323m. Metallon owns five mines in Zimbabwe, including Arcturus mine, Shamva mine, How mine, Redwing mine and Mazowe mine.

Metallon Gold Zimbabwe suspended operations in 2008 at the height of the country’s financial challenges but resumed operations in July 2008 after the introduction of the multi-currency system, including reforms in the sector introduced by the Reserve Bank of Zimbabwe.

The company is now believed to be producing more than 8 500 ounces per month.

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mzi khumalo  |  indigenisation

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