In order to focus on more advanced projects, London-based Reunion Mining is engaged in negotiations to sell its gold exploration projects in Zimbabwe.
The company recently closed its exploration office in Harare and is no longer managing any exploration programs in Africa, though it retains interests in gold and diamond projects funded exclusively by joint-venture partners. At the same time, Reunion set up two independent operating companies to manage the Sanyati copper mine in Zimbabwe and the Dunrobin gold mine in neighboring Zambia.
The projects on the block include the Maligreen, Khanye and Auriga gold projects, as well as a 50% stake in the Sibola joint venture with Rift Resources (rif-v). Reunion is seeking an initial cash payment and ongoing royalties for these properties.
The company notes that both the Sanyati and Dunrobin mines have been generating cash flow for nearly half a year. Dunrobin is expected to produce 12,000 oz. gold per year, whereas, at Sanyati, a further investment is required for a redevelopment plan.
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