[miningmx.com] — A ZIMBABWEAN government official has told an
Australian audience his country was a promising mining investment destination in
need of partners and capitalisation.
Zimbabwe’s Deputy Mines and Development Minister, Gift Chimanikire, told the
African Down Under conference in Perth that Australians should lift their exposure to
the country where only 40 of the 60 known mineral commodities have been
commercially exploited.
“For Australian investors, they need only look at mining’s 25.8% growth in 2011
and an anticipated growth in the sector this calendar year of 16.7%,’ Chimanikire
said. “Yet despite our huge mineral endowment, upstream and downstream
exploitation has been limited.
“If I look at Australia-Zimbabwe commodity comparisons, Zimbabwe hosts large
reserves of thermal and coking coal with some 29 locations hosting estimated
resources of more than 12 billion tonnes of coal. We also have huge iron ore
deposits, like Australia, with the lead deposits estimated to host more than 30 billion
tonnes of iron reserves – yet most await full exploitation.’
Chimanikire said Zimbabwe’s government was “prepared’ to enter into joint venture
partnerships with Australian investors and had an “open-door policy’ to such
investment.
“While the Government has provisions for local empowerment as part of any new
investment deals struck, it is in an environment of ensuring community participation
in the exploitation of our natural resources.
“We provide for mining companions to have the right to market their mineral
directly, and there is no restriction on the amount of foreign currency that can be
brought into Zimbabwe to crystallise new resources investment.’
Investments of more than $100m would qualify for special mining leases. Of
particular need for investment were mines suffering from under-capitalisation, with
most operating only slightly above 50% capacity, Chimanikire said.
