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Business News of Friday, 5 April 2013

Source: Graphic Business

Gye Nyame Resources to mine in Zimbabwe

Gye Nyame Resources, a private-public partnership between a Ghanaian investor and the Zimbabwe Mining Development Corporation, is to begin production of high grade diamonds out of the Marange Mines in Zimbabwe.

The concession, which is located 400 km north of Harare, is one of the richest mines in the world. According to sources, preparatory works commenced on the mine site two years ago after the geological survey and exploration works conducted by the SRK Global group confirmed deposits of the resource.

The Founder of Gye Nyame Resources, Mr William Ato Essien, is excited about the prospects of an African investor partnering an African government to create a globally competitive brand in the mining industry.

For the last 10 years, the President of Zimbabwe, Mr Robert Mugabe, has been urging African capital to come to Zimbabwe and invest in the development of the enormous natural resources of that country.

The sources say the Zimbabwe Mining Development Corporation partnership with Gye Nyame will represent one of the foremost expressions of the Africanisation policy articulated by President Mugabe.

The SEK Global report estimates the value of the concession to be in excess of $10 billion.

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