The mine was forced to shut down because underground mining had become too expensive. Gold mining, the backbone of the industry, is also under threat as a result of worldwide sales by banks, which have pushed down the price significantly. Douglas Verden, an executive with the Zimbabwe Chamber of Mines, says the industry is under pressure from the falling commodity prices and any further deterioration in prices will seriously damage the economy. There is still potential in the mining industry given right prices. An Australian company, Delta gold, has bought Hartley.
Mining accounts for almost half of the country's exports.
Four major gold mines have closed in the past two years, along with the only diamond mine and two chrome mines. It's possible the price of gold may not recover because a lot of people don't need it any more. Conditions might improve next year. On the positive side, Delta Gold is about to start operations at a new gold mine, while two platinum deposits are being developed. President Mugabe has made several verbal attacks on foreign companies and has threatened to nationalise their operations.