… As mining company eyes US$ 1 billion revenue in 2024
Beverly Bizeki
Sinomine owned Bikita Minerals has reiterated its aim to achieving new highs ever since the Chinese takeover in February 2022 which has marked a notable increase in revenue and productivity with the mine targeting US$ 1 billion revenue in 2024.
With the coming in of the new Spodumene Quartz Intergrowths (SQI) expected to be complete by July this year, the company is targeting to increase the revenue as well as number of employees.
Speaking during a media tour of Bikita Minerals on April 25, 2023, Bikita Minerals Finance Manager Amanda Makausi said the company has made notable improvements ever since the company changed hands with the company now being one of the biggest contributors of tax in Masvingo province.
Makausi said the company was targeting the revenue to increase to US $1 billion in 2024.
“When Sinomine took over in February 2022, we were producing plus or minus 2 500 tonnes per month and our prices were around US$ 500 per tonne. As at March 2023, we are producing plus or minus 10 000 tonnes a month and the price of Petalite has since increased due to the world market and we are selling our petalite at US$ 2 500 per tonne,” said Makausi.
Makausi highlighted that the company’s revenue has also increased from the pre Covid-19 era where the company would record plus or minus US$ 25 million annually to US$ 25 million per month.
“Our revenue is US$ 25 million per month. Pre-Covid 19 era we were doing approximately US$ 25 million annual revenue but in 2022 we recorded our sales of US$ 47 million and in 2023 we are projecting around US$ 750 million depending on the commissioning of the new plants. From 2024, we will be looking at US$ 1 billion annual revenue,” said Makausi.
The company has also recorded increases in taxes as the rate of employment and investments are ongoing.
“In terms of taxes, in 2022 we were averaging around US$ 50 000 per month in terms of employment tax but now we are contributing to around US$ 150 000 per month with a lot of indirect tax which comes in because of a US$ 200 million investment taking place in terms of expansion of the existing Petalite plant and the Spodumene plant,” explained Makausi.
Mine manager David Mwanza said the company is headed for growth since the Chinese takeover in 2022 with an increase in employment.
“In February 2022, the company had 343 employees but the number has increased to 660 as at March 2023 with the number expected to increase to 1 500 upon completion of the Spodumene plant anticipated in July,” said Mwanza.
Mwanza also said the company provides a production bonus to its workers on a monthly basis.
