Golden Reef Mining P/L (GRM) is a Zimbabwe registered mining-exploration company engaged in the exploration, mining, acquisition and the development of selected precious and base metal properties in Zimbabwe. The company is wholly owned by local Zimbabweans.
GRM owns a Gold Heap Leach prospect which is the flagship project, two nickel prospects, chrome and bauxite prospects. In these locations favorable geological and structural settings exist to host large tonnage mineralized systems and grassroots exploration work has been undertaken and the potential is very encouraging.
The companyâ€™s short to medium term strategy is to develop those mineral deposits which yield a quicker return on investment but not losing foresight on the bigger picture of developing other deposits. The company has isolated gold and chrome as those commodities which can yield early cash flow maturity, with nickel regarded as long-term.
In terms of development, the chrome project has been developed to chrome concentrating stage producing concentrates with around 48% Cr2O3. The gold heap leach project is advanced and production is expected in the 4th quarter of 2012.
The company is facing challenges owing specifically to the cost of capital of between 15-25% per annum, perception of non-viability of small-medium enterprises (SMEs) by financial institutions, industry perception of government policy application inconsistency with regards to chrome ore exports, and access to financial resources since it is a start-up company. The progression/growth therefore for the past three years has been slow but in the right direction.
Background and Overview
The company, a brainchild of Mr. Thomas Gono, was formed in 2007, with a vision to grow it to be a major player in the minerals industry. Under his stewardship and using acquired experience and knowledge from his years at Anglo American, a leading International mining company and Lafarge a French world leader in Cement production, he quickly acquired a fair portfolio of mineral resources in Zimbabwe at the turn of the millennium.
In 2009 and 2010 Mr. Thomas Gono, reconstituted the company to include three other shareholders and with renewed impetus, developed a new vision and a mission statement as well as defined core values to chatter a new course of business. It is through this new vision that the company shares a sense of commitment to a growth path that will take it to greater heights moving forward.
The company has a committed and dedicated board of directors and management team with extensive experience in Zimbabwe and proven track record. The company started with only two employees, one looking after accounts and the other managing operations, but now employs a compliment of 10 permanent employees and 34 contract workers.
Currently runs a Gold Heap Leach project which is expected to increase in production to 20 kgs a month by year end, 2015.
Resume chrome concentrating projects using spiral technology and working towards attracting investment for a Ferro-chrome smelting plant.
Continue to invest in a strong management team with extensive experience in exploration, mining operations and finance.