Staff reporter
In a pivotal move for Zimbabwe's mining sector, a strategic partnership between IRISE India and Zimbabwe Mining Development Corporation (ZMDC) heralds the revival of Lynx Mine, signaling economic growth and global market prominence.
A source within the Ministry of Mines and Mining Development revealed that IRISE India Private Limited has forged a strategic alliance with ZMDC for graphite extraction at Lynx Mine in Karoi, Mashonaland West Province. This partnership, with an 80-20 percent shareholder split favouring IRISE, marks a significant collaboration in the region's mining landscape.
“Exploration is set to begin in June 2024, with mining operations slated to start in October 2024, contingent on positive relations. IRISE India plans to invest US$7 million to revamp the infrastructure at Lynx Mine, which ceased operations in 2018 following the departure of German investor Graphit Kropfmuhl.
“IRISE intends to add value to the traditional run-of-mine graphite by converting it into saleable coated spherical graphite. This value addition process is crucial as coated spherical graphite commands a high market price, ranging from $4,000 to $12,000 per metric tonne. The global graphite market is projected to reach $27 billion by 2025, indicating strong demand and lucrative opportunities for Zimbabwe,” said contact.
In addition, the source indicated the revival of Lynx Mine and the subsequent development plans by IRISE India underscore Zimbabwe's commitment to fostering foreign investment and advancing its mining sector.
“This investment is not only significant for the infrastructure improvements it will bring but also for its potential impact on the local economy. The project aims to employ 400 people from the local community, providing much-needed jobs and stimulating economic growth in the region.
Economist Batanai Matsika underscored that graphite's strategic significance transcends the mining domain, profoundly influencing diverse high-tech sectors.
“Graphite serves as a vital raw material in the production of various goods, notably lithium-ion batteries crucial for smartphones and laptops, alongside its applications in sporting gear, pencils, and numerous industrial uses,” said Matsika.
Government's efforts to attract foreign investment and revitalize the mining sector are commendable. The partnership with IRISE India for graphite mining at Lynx Mine not only promises economic benefits through job creation and infrastructure development but also positions Zimbabwe as a key player in the global graphite market.
