TWP Withdraws From Zim Gold Project–ACR_TWP Investments (TWPI) has withdrawn from a JV project with African Consolidated Resources (ACR) to build a gold plant in Zimbabwe.

TWP, which was supposed to build a gold plant at the Zimbabwe-focused ACR´s Pickstone mine, said that it was no longer prepared to “risk the substantial capital investment” in building the plant for ACR’s sulphide dump recovery, following a review of the TWP group’s policy on country risk in Zimbabwe.

In November, TWPI had entered into a tolling contract with ACR, in terms of which it would fund the largest portion of the construction of the gold treatment plant, extract the gold and guarantee percentage extraction performance in exchange for a toll fee for each ton.

ACR had planned to commit $500 000 towards the construction of the plant, which was expected to have been commissioned this month.

At full output, it would have treated 20 000 t/m of material to produce about 1 815 oz/m of gold.

ACR noted that it was now considering all options to fund the project, which could include signing a new contract with TWP Projects that might involve external or internal financing.

“TWP Projects has indicated a willingness to guarantee the same extraction percentages and production levels as previously agreed by ACR with TWPI if a new construction contract is entered into,” the company stated.

It added that it would make further information available, as firm arrangements were made.