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River Ranch to invect USD15m in Zim diamond mine

29 may 2009

River Ranch says it plans to invest USD15 million to develop its diamond mine in Zimbabwe and conduct further exploration work following an improved economic situation in the troubled southern African country.
Mine manager Dennis Mtombeni was quoted by State Radio SFM as saying that about USD10 million had been set for further mine development and expansion of the ore processing plant, as well as for exploration.
River Ranch Diamond Mine, which is located in Beitbridge, a town that borders Zimbabwe with South Africa, was expected to produce and process about 70 000 tonnes of ore a month.
The mine development would involve widening the surface on the existing kimberlite to allow for more and easier excavation.
"We are confident of the future of our business and we want to invest and contribute in economic recovery," Mtombeni was quoted as saying. "The shareholders are committed and serious about developing the business." 
Mtombeni said exploration work had already begun on its 6 000 hectare claim area and were confident of discovering more kimberlites.

Mathew Nyaungwa, Rough&Polished from Namibia