Staff Reporter
An Indian investor, IRISE Private Limited, is set to commence exploration of graphite in the Lynx Mine, Karoi, Mashonaland West.
A source within the Zimbabwe Mining Development Corporation (ZMDC) confirmed this development revealing that the exploration is scheduled to begin in March, with production expected to kick off in the last quarter of this year.
"IRISE Private Limited, our newly on board Indian investor at Lynx Mine, is gearing up to initiate the exploration of graphite in March, with the anticipation of commencing production later this year,” the source disclosed
In addition, the source indicated the collaborative effort involving IRISE, ZMDC, and Lynx is intricately structured as a comprehensive contract mining arrangement.
"The agreement signed in November 2023 signifies a collaborative commitment to harnessing the rich potential of Lynx Mine. This strategic partnership, rooted in the contract mining arrangement, is a testament to the shared vision of IRISE and ZMDC, in elevating the stature of the mining sector in Zimbabwe.
Furthermore, the source emphasized the forward-looking approach of Lynx Mine, stating, "The substantial financial injection of 7 million USD underscores IRISE (Pvt) Ltd's dedication to modernizing Lynx mine infrastructure. The establishment of a new processing plant signifies a commitment to not just meet, but exceed industry standards, ensuring sustainable and efficient graphite production in the long run.
IRISE (Pvt) Ltd is gearing up for a substantial increase in graphite production at the Lynx mine, from the current 100 MT per month to an impressive 1500 MT per month. Following the strategic collaboration with ZMDC, this venture is also expected to generate employment opportunities for approximately 400 individuals in the region,” the source added
Economist, Calvin Chitsunge expressed his insights into the broader economic implications. According to Chitsunge, this pact goes beyond a mere business arrangement, but also serve as a cornerstone for a collaborative vision that aims to harness the untapped potential of Lynx Mine.
"By establishing a contract mining arrangement, IRISE (Pvt) Ltd and ZMDC, are not just engaging in a business transaction; they are forging a strategic alliance aimed at optimizing the inherent value of Lynx Mine. This collaborative approach is indicative of a shared commitment to elevate the mining sector, not only in Karoi but throughout Zimbabwe,” remarked Chitsunge
Moreover, Lynx Mine had ceased operations in 2018 after the departure of the previous investor, Graphite Krophmuh. The arrival of IRISE (Pvt) Ltd and the reopening of the mine signal a positive turn for the local economy, contributing to the improvement of both the nation’s Gross Domestic Product (GDP) and the national economy.
