RAINBOW Century, a gold mining company, has pledged to inject US$12 million fresh capital into its Ran Mine in Bindura for expansion.

The investors met Mashonaland Central Minister of State for Provincial Affairs and Devolution, Christopher Magomo, in Bindura on Wednesday, amid Government assurances to support the investment initiative in order to boost the economic growth of the province.

The mine ceased operations for 10 years until 2020 when it was revived through co-operation with Australian and Malaysian investors based on the Zimbabwe is Open for Business mantra.

Hamid Ghows, Rainbow Century Director said: “We want to increase impact on Mashonaland Central in terms of economic growth. We want to thank the support we have from the Government.

“We have been doing feasibility and exploration at Ran Mine for some time.”

A total investment of 30 million was injected and 150 youths are currently employed.

Minister Magomo said: “We embrace the investment they have done in our province. It is very important as it serves to buttress our President’s mantra of leaving no one and no place behind.

It also reflects that Zimbabwe is open for business.

“As Second Republic, we are calling for economics, economics, economics. We are not spared from that call.

“As Zimbabwe, we are focusing on devolution so such investment puts us in a good space. We have to support the investment.”

Ran Mine recorded a turnover of US$12 million per annum from gold production and expects to scale up to US$24 million through expansion, if current challenges of gazetting its claims are resolved.

The mine employs 150 workers and plans to commission a second production line mid-year. It has begun tailings dam and pipeline construction.

A dedicated powerline was built to enable expansion at the mine to be undertaken.