Mumbwa sitting on gold Zambia is poised to have a large-scale gold mine following Westate Resources Limited's planned $100 million investment in Matala Gold Mine Project in Mumbwa’s Nangoma Constituency. This will be the first large-scale gold mine in #Zambia.
The gold mine, with ore resource of about 674,000 ounces (oz), will be established in Chief Shakumbila’s area. Managing Director Paul Berresford said the mine will be developed in four years. He said the company had applied for an exploration licence & it was approved last year.
@zadama24 With ore resource of about 674k ounces, and Gold currently priced at $1800/ounce…. The Australians will gross $1,2 billion from $100m investment…. All other issues notwithstanding
@zadama24 @MoneyHasbulla @pikaso_me screenshot this
@zadama24 Gold is found but how much of it will benefit the Zambia people? All I see is rich people getting richer again
@zadama24 This is great news and will be a boost to the economy On a lighter note "everyone will want to be baMumbwa mumbwa'"
@zadama24 The money they arw investing is pocket change compared to what they will make