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                                                                    EXHIBIT 10.1



24 January 1997

The Directors,
Casmyn Mining Zimbabwe (Private) Limited,
PO Box 785,
13 Josiah Chinamano Road,
Bulawayo

BANKING FACILITIES

Dear Sirs,

Following our discussions to provide Casmyn Mining Zimbabwe (Private) Limited
("Casmyn") with its financial requirements, we are please to offer the following
facilities which will be subject to the terms and conditions mentioned herein.

1   Facilities:     Short term finance facility (the "Facility") of US$5
million, consisting of short term loans, Drawn for periods up to 180 days, but
subject to condition 4 below.

2   Purpose:        Development of Turk and Lonely mines.

3   Drawdown:       Available immediately upon acceptance.  Drawdowns under the
Facility to be minimum of US$500,000.  Casmyn may cancel undrawn amounts of the
Facility from the date six months after acceptance, by giving the Bank at least
7 days' notice.  Requests for drawdowns must be supported by evidence for
operating costs or capital expenditures (such as invoices) in the Turk and
Lonely project, and must accord with the expenditure programme to be agreed
between Casmyn and the Bank.

4   Service and repayment:  To be serviced initially from the reclamation of
dumps at Turk and Lonely mines This Facility is repayable upon demand, but
subject to this overriding condition, repayment shall be refinance of the
Facility within 12 months of first drawdown.  If not refinanced within 12
months, any outstanding amount is to be repaid in full, or refinanced by us, at
our discretion, on the first anniversary of first drawdown (the "Expiry Date").
Drawings of the short term loans under the Facility will not be allowed to
mature after the Expiry Date.

5   Interest:       Interest will be charged on the loans under this Facility at
a rate of LIBOR, plus a margin or 2.25% p.a.  LIBOR means the percentage rate
per annum quoted to Barclays Bank of Zimbabwe Limited by Barclays Bank plc,
London, relating to period of drawing of the loan.  Of the interest charge,
interest amounting to a rate of LIBOR plus 1.25% p.a. is payable in arrears at
the maturity of each drawn short term loan; interest amounting to a rate of 1%
p.a. is debited as drawing/rollover of cash loan

6   Fees and charges:  a) An arrangement fee of US$50,000 is payable on
                       acceptance of this Facility.
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                    b) A commitment fee is payable quarterly in arrears, at a
                    rate of 0.15% per quarter of amounts of the Facility undrawn
                    and uncancelled on the day of calculation.  The commitment
                    fee calculation will commence from date 90 days after the
                    date of this letter.

                    c) Refinance fee:  we expect to continue our lending
                    relationship during the life of the Casmyn project by taking
                    part in a larger term facility  To that end, if this
                    Facility is refinanced so that Barclays Bank of Zimbabwe
                    Limited has no further part in the term finance, we shall
                    charge a refinance fee of 0.5% of the loan amount
                    outstanding on the day prior to the date of refinancing.  If
                    refinancing by Barclays/BZW, and Barclays Bank of Zimbabwe
                    Limited continues to have a part of the term loan, no
                    refinance fee will be payable.

                    d) All fees and charges connected with the completion of
                    this offer, including the obtaining, valuing and perfection
                    of security, are for the account of Casmyn.

7   Security        It is a condition of the Facility that the following
security be held by the Bank, and that the facility will only be made available
once the proposed security is held by the Bank, unless otherwise agreed by the
Bank in writing.

                    a) Unlimited guarantee from Turk Mine (Private) Limited

                    b) General Notarial Covering Bond ("GNCB") FRO Z$60 million
                    over all assets at Turk Mine (Private) Limited

                    c) Unlimited guarantee from Greenhorn Mine (Private) Limited

                    d) Cession of book debts for Z$60 million from Casmyn

                    e) Cession over all financial investments from Casmyn

                    f) Cession over all shares of subsidiaries of Casmyn

                    g) Guarantee from Casmyn Corp for the equivalent of US$5
                    million

                    h) Subordination of Casmyn Corp debt to bank debt.

We recognize that Casmyn has granted a GNCB to the Muir family, so that the
security listed at d), e) and f), above will rank behind the Muir GNCB.
However, before drawdown we wish to be appraised in writing of, and satisfied
by, the terms of the Muir GNCB.  In addition, by acceptance of this letter,
Casmyn agrees to provide the security detailed above and to allow the Bank
without delay to register its securities.  All securities must be in form
satisfactory to the Bank.

8   Proceeds account:  All income from the sale of gold by Casmyn in Zimbabwe is
to be received in a Foreign Currency Account ("FCA") domiciled with us.  Any sum
of money at any time standing to the credit of Casmyn with the Bank in the FCA
or in any currency upon any other account may be applied by the Bank, once the
Bank has made written demand for the repayment of amounts under this Facility,
in or towards the payment of any indebtedness now or subsequently

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owing to the Bank by Casmyn, and the Bank may use any such money to purchase any
currency or currencies required to effect such application.

9   Covenants:      a) Casmyn agrees to hedge, or arrange for Casmyn Corp to
                    hedge, as much of the gold output from its Zimbabwean
                    operations as the Bank requires.  Further, Casmyn agrees to
                    give Barclays de Zoete Wedd Limited, London, ("BZW")
                    exclusive right to undertake the required hedging programme,
                    provided always that BZW remains price competitive with
                    alternative quotations that Casmyn or Casmyn Corp may seek.
                    Without prejudice to the Bank's reliance on this clause as
                    it sees fit, we shall ask Casmyn to hedge at least part of
                    its production if the price offered by the Reserve Bank of
                    Zimbabwe for delivered gold falls below US$350 per ounce at
                    any time.

                    b) Casmyn agrees not to pay any dividend during the term of
                    the Facility without prior written agreement from the Bank.

                    c) Casmyn and subsidiaries of Casmyn shall not create or
                    permit to subsist (other than in favour of the Bank) any
                    encumbrance by way of security over any or all of the assets
                    presently or in the future belonging to Casmyn or its
                    subsidiaries without prior written consent of the Bank,
                    except those encumbrances in existence at the date of this
                    letter and the details of which were disclosed in writing to
                    us prior to this date, provided that the amount secured by
                    any such encumbrances is not at any time increased.

                    d) Casmyn Corp shall not reduce its interest in Casmyn, nor
                    in its Zimbabwean operations.

10   Monitoring:    Casmyn's quarterly management accounts are to be provided to
the Bank within 45 days of the respective quarter end, and audited annual
accounts are to be provided within 3 months of accounting year end.  In
addition, monthly production and revenue figures are to be provided within 30
days of month end.

11   General Terms and Conditions
(see annexure)

12   Acceptance:    This offer of the Facility remains open for acceptance for
30 days from the date of this letter.  Casmyn's acceptance of the Facility shall
be signified by the return of the following documents to us at the address shown
above:

                    a) a certified true copy of a resolution of Casmyn's board
                    of directors accepting the Facility on the terms and
                    conditions set out in this letter and authorising a
                    specified person or persons to countersign the enclosed copy
                    of this letter.

                    b) the copy of this letter signed by the person or persons
                    specified in clause 12 a) above and returned unamended to
                    us.

                    c) the copy of the annexure to this letter initialled by the
                    person or persons specified in clause 12 a) above and
                    returned unamended to us.

We look forward to opening a banking relationship with Casmyn.

Yours faithfully,

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Robert Schofield
Senior Corporate Manager



We acknowledge receipt of the original of this letter and hereby accept the
Bank's offer of banking facilities subject to the terms and conditions
stipulated in this letter and annexure which terms and conditions are fully
understood and accepted by the company.

For and on behalf of Casmyn Mining Zimbabwe (Private) Limited



_________________________
Authorised signatory

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                   ANNEXURE TO FACILITY LETTER FOR COMPANIES



11   GENERAL TERMS AND CONDITIONS

     11.1 The Bank reserves the right to alter the interest rate charged from
          time to time should the cost of funding the lending increase through
          circumstances beyond its control or should changes in Government
          monetary policy occur.

     11.2 Notwithstanding Condition 4 of the main letter, the facilities offered
          shall in accordance with normal banking practice become immediately
          payable upon demand being made by the Bank. The Bank is not obliged to
          serve notice in making such demand.

     11.3 The company undertakes to ensure that all company assets excluding
          debtors, are fully insured at all times.

     11.4 The company undertakes to advise the Bank of any changes to its
          present management operations and accounting system or any other
          changes that may have a bearing on the facilities presently offered.

     11.5 If the company fails to make payment to the Bank by due date of any
          amount due in terms of this or other facilities or become insolvent,
          or be provisionally or finally sequestrated, or provisionally or
          finally wound up, or be unable to pay its debts to the Bank as they
          become due, or be placed under provisional or final judicial
          management or enter into a scheme of arrangement with its creditors,
          or pass a resolution for the winding up of the company, or should the
          company commit any act of insolvency or enter into any compromise with
          its creditors or make default in the performance of any undertaking
          term or condition of the facility, or if the company acts in any way
          which, in the reasonable opinion of the Bank, may have a material
          adverse effect on the company's ability to perform its obligations
          under this facility, all amounts then outstanding, plus all charges
          accrued thereon, together with interest as defined in paragraph 5 (and
          any subsequent changes in rates that have occurred) shall immediately
          become due and payable.

     11.6 In the event of the Bank taking any proceedings to recover any amount
          due to it, the amount due shall be determined and proved by a
          certificate signed by any Manager or Accountant of this Bank and such
          certificate shall be prima facie proof of the amount due by the
          company and the onus shall be on the company to disprove the accuracy
          of the figures.

     11.7 All costs and other charges arising from the need to recover any
          liabilities which may include legal charges to a legal practitioner as
          well as collection commission, will be for the company's account.
          Similarly, all charges relating to registration, recording or
          maintaining the security required in terms of the facility, shall be
          for the company's account.

     11.8 The company undertakes to provide details of outside borrowings when
          called upon to do so.

     11.9 In the event that the Bank is required to withhold tax or pay any
          increased charges in respect of interest/discount on the facilities
          granted to the company, the company will be responsible

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          for this cost which will be debited to the company's account as and
          when it is incurred.

    11.10 All amounts paid to the Bank in repayment of these facilities will be
          applied firstly to the payment of interest accrued and any fees or
          charges due, and, thereafter, to the reduction of capital.

    11.11 In the event that the company breaches or is unable to comply with any
          of the terms or conditions without the Bank's prior consent then the
          Bank reserves the right to an immediate review of the facilities and,
          in need, demand immediate repayment of all amounts outstanding at that
          date.

    11.12 It is incumbent on the company to ensure the authenticity and
          correctness of all entries appearing on the Bank's statement sheets
          and to verify the interest charges to the account against the
          prevailing rates of interest advised by the Bank, reporting any
          inconsistency or discrepancy found to the manager of the branch within
          three months after the despatch of the statement.

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                       SUBORDINATION AGREEMENT BY COMPANY



In consideration of Barclays Bank of Zimbabwe Limited (hereinafter called "The
Bank") making or continuing advances or granting other credit or banking
facilities to _____________________________ (hereinafter called "The Company"),
_____________________________ (hereinafter called "the Creditor") agrees and
declares and this memorandum witnesseth that the payment of all sums presently
due or owing to the creditor by the company and of any further sums which may
from time to time hereinafter be owing to the Creditor by the Company shall be
postponed to the payment of all moneys which are now or at any time hereafter
may become due or owing to the Bank by the Company, from any account whether
operated solely, or jointly with any person or persons or body corporate and
whether as principal, surety or otherwise and including all interest
commissions, charges and costs arising therefrom or from any security which the
Bank may hold for the indebtedness of the Company.

The Creditor agrees that all moneys otherwise payable to it as aforesaid shall
be paid in full to the Bank, and that no payment shall be made by the Company to
the Creditor on account of amounts owing by the Company to it, until all amounts
owing by the Company to the Bank are paid in full, and no further payments are,
or will become, owing by the Company to the Bank for any reason whatever.
Should the Company in fact make any payment to the Creditor on account of its
claim against the Company, the Creditor undertakes forthwith to pay the amount
thereof to the Bank, and should the Creditor fail to do so, the Bank may
forthwith and without notice institute proceedings against the Creditor in any
competent court for the recovery of the said amount from the Creditor.

Should the Company be subject to a winding up order, or an order for judicial
management; or go into voluntary liquidation,  or in appropriate cases, should
the Company's estate be sequestrated, surrendered or assigned, or should the
Company enter into any arrangement or composition with its creditors; all sums
received by the Creditor from the liquidator, judicial manager, trustee or
assignee, as the case may be, or as a result of such liquidation, composition or
arrangement, shall be paid or assigned by the Creditor to the Bank until all
moneys due to the Bank from the Company shall have been paid in full.

The Creditor hereby agrees to execute such further deeds, documents or
assignments and do all such other acts or things as may be necessary to carry
out the intent of this agreement, and require the Company to record in its books
and records a statement to the effect that payment of sums due to the Creditor
has been postponed in accordance with the terms hereof.

EXECUTED on behalf of _______________________________ the Creditor, by
______________________________ a Director, he being duly authorised hereto, at
____________ on this ______ day of _______________, 19__.

AS WITNESSES:

1    ________________________________  ___________________________________
                                       DIRECTOR

2    ________________________________

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     To:
                       BARCLAYS BANK OF ZIMBABWE LIMITED

          I/We hereby cede assign deliver and pledge to BARCLAYS BANK OF
ZIMBABWE LIMITED (hereinafter referred to as "the Bank") its successors and
assigns all documents and instruments whether negotiable or not including
specifically and without in any way limiting the generality of the foregoing all
bills for collection promissory notes post dated cheques shares stocks certified
transfer deeds and all other temporary documents of title to stocks and shares
bonds debentures savings account balances and fixed deposit receipts (the said
documents and instruments being hereinafter referred to as "the securities")
which I/we may deposit leave with or deliver to the Bank or which may be
obtained by the Bank together with all dividends interest or other sums of money
or rights which may be or become due or claimable in respect of the securities
and I/we declare that I am/we are the lawful owner(s) or legal holder(s) of the
securities and I/we agree that the said securities shall be held by the Bank in
pledge as a continuing and covering security for any sum or sums of money which
I/we may now or at any time hereafter owe or be indebted to the Bank its
successors and assign from whatever cause arising and whether such indebtedness
be a direct indirect or contingent liability and whether any debt or liability
has incurred or not and whether such indebtedness or liability be incurred by
me/us or any one or more of us individual or jointly with others or by any firm
in which I/we or any one or more of us have or hold or may hereafter have or
hold any interest and whether such indebtedness or liability arise from money
lent and advanced overdrawn accounts drafts promissory notes bills of exchange
or other instruments whether negotiable or otherwise already or hereafter to be
made signed accepted or endorsed by me/us or any one or more of us or others
with whom I/we or any one or more of us may be interested or concerned or any
renewals thereof or through any acts of suretyship or guarantee or other
undertaking already or hereafter to be signed by me/us or any one or more of us
individually or jointly with others or otherwise howsoever arising including
interest commission the costs of realization as hereinafter provided and all
other usual charges and expenses.  I/We authorize the Bank at its discretion to
perfect and complete by registration transfer or otherwise to any nominee or
nominees without reference to me/us the securities or any of them and I/we do
hereby expressly waive any claim for loss of market or otherwise which might
arise by reason of any delay in effecting transfer or re-transfer of any
securities and agree that all charges of and incidental to such completion shall
be at my/our joint and several expense and the carrying out of all necessary
formalities in execution therewith entirely at my/our risk.  If the Bank by
letter delivered to me/us or addressed to me/us at 13 JOSIAH CHINAMANO ROAD,
BULAWAYO and sent by post calls upon me/us to deposit additional approved
security and/or to pay any amount due to the Bank whether returned or not and if
within twenty-four hours from the delivery of such letter or where the letter is
sent by post within twenty-four hours from the time of the posting of such
letter such additional approved security is not deposited and/or the said amount
is not paid the Bank will have the right to treat as immediately due and payable
the whole of my/our indebtedness or liability to the Bank secured hereby
(whether the due date shall have arrived or not) and I/we hereby irrevocably
authorise and empower the Bank ____ ______ _______ then or at any time
thereafter without any further authority or consent from me/us to sell call up
collect or dispose of the securities or any of them in such manner and on such
terms and conditions as the Bank may deem necessary  and to grant valid and
effectual receipts for all sums of money paid to the Bank in respect of any such
sale calling up collection or disposal and to assign code and transfer the
securities with power to the Bank to institute any legal proceedings which the
Bank may this necessary.  The Bank will have the right to apply the proceeds of
any such sale calling up collection or realisation after deducting all costs of
and incidental thereto and the costs of any legal proceedings towards
liquidating any indebtedness of me/us to the Bank secured hereunder and if after
all my/our indebtedness to the Bank secured hereunder whether the same shall be
due at the time or not

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has been paid and there remains a surplus such surplus shall be paid over to
me/us but should there be any shortfall I/we jointly and severally undertake to
pay such shortfall on demand provided nevertheless that the Bank shall be
entitled either before or during or after the realization or other disposal of
the securities to ______ for the recovery of any moneys owing to the Bank and to
attach any other property belonging to me/us or any one or more of us just as if
this pledge had not been given.

          I/We agree that it shall always be in the entire discretion of the
Bank to determine the extent nature and duration of advances to be made and of
facilities allowed or to be allowed to me/us.

          I/We further authorise and empower the Bank to receive and grant
receipts in my/our name for all or any dividends interests or other sums of
money which may accrue or become payable in respect of any securities deposited
hereunder such sum so recovered to be applied in reduction of my/our
indebtedness to the Bank.  In the event of any securities carrying or being
entitled to rights the Bank shall have the right but shall not be bound at
my/our expense to take up such rights and to debit my/our account with all
amounts paid in respect of such rights.  I/We agree that the Bank shall not be
responsible for any loss from or through any brokers or agents employed in the
sale of securities or for any deterioration in _______ securities while in the
possession of the Bank.  I/We agree that an account certified by any Manager or
Accountant of the Bank showing the amount of my/our indebtedness from time to
time and of any interest due or accrued and all dividends _______________ of the
sale disposal or realization of the securities or any of them shall be prima
facie proof of the correctness of the matters contained in such account and
shall be sufficient to enable the Bank to obtain provisional sentence in any
competent court of law.  Finally, I/we do hereby absolve the Bank from all
liability whatsoever should it fail to collect any interest dividends income and
benefits however named or described without any exception arising from or by
virtue of the securities fail to take up any rights aforesaid fail to register
transfer of any securities within the requisite periods laid down by the Rules
of any Stock Exchange or under any statute relating to the stamping documents or
in any way fail or omit to protect my/our interest relating to the securities.

          For the purpose of any sale assignment transfer collection or other
disposal of the securities or any of them and for all purposes of and incidental
thereto or for any other purpose arising hereunder I/we do hereby nominate
constitute and appoint the General Manager of the Bank for the time being or any
recognized Manager of any Branch for the time being of the said Bank as my/our
true and lawful Attorney and Agent irrevocably and in _________ with power of
substitution.

          As Witness my/our hand/s at _________________ _______________ this
___________________________ day of _____________, 19__.

AS WITNESSES:

1. ___________________________
2. ___________________________

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