Breaking News

Zimbabwe geared for fresh phase of Australian investment

by Yolanda Torrisi - Chairperson of The African Mining Network
07 February 2013 | 5563 Views
One of Africa's most promising mineral states, Zimbabwe, has urged Australian mining companies to lift their exposure to the southern African province where only 40 of its known 60 mineral commodities have been commercially exploited.

The opportunity for Australia also rests with the potential to add to upstream and downstream processing sectors in Zimbabwe and in key areas for which Australian miners and resource investors are renowned, such as coal, gold, iron ore and uranium.

Zimbabwe's Deputy Mines and Development Minister, the Honourable Gift Chimanikire, who visited Australia in the second half of last year to attend the Africa Down Under conference in Perth, said the Zimbabwean economy was now recovering from its eight year slump and mining was now a key plank in driving the country's 9.3% growth last year. Mining contributed 13% in 2011 to Zimbabwe's GDP and more than 60% of its total earnings.

"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%," Gift Chimanikire said. "Yet despite our huge mineral endowment, upstream and downstream exploitation has been limited.

"Of our more than 4000 recorded gold deposits, nearly all are on ancient workings, revealing inherent investment opportunities in vastly under-explored areas away from the ancient workings. More than 90% of Zimbabwe's gold deposits are in greenstone belts associated with some of the richest gold mines in the world.




"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 – yet more require capitalisation and, therefore need a partner.

"We also have huge iron ore deposits, like Australia, with lead deposits estimated to host more than 30 billion tonnes of iron reserves – yet most await full exploitation. And in uranium, we have done some minor work in the Zambezi Valley and that at a time of low prices so the global market presents good opportunity for uranium upside."

The Zimbabwean Government is prepared to enter into joint venture partnerships with Australian investors and has an open door policy to such investment. Gift Chimanikire said: "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 US$100 million will qualify for special mining leases.

Particularly requiring Australian investment are the mining operations in Zimbabwe suffering from under-capitalisation, with most mines in need of such financial injection operating only slightly above 50% capacity.          
 
----------
Yolanda Torrisi is a much-respected mining industry leader who founded The ASIA Miner magazine. Now as Chairperson of The African Mining Network, Yolanda comments on African mining issues and the growing global interest in the African continent.  To contact Yolanda email yolanda@yolandatorrisi.com 


Australia Mining Yolanda Investment


Disclaimer:
All articles and letters published on Bulawayo24 have been independently written by members of Bulawayo24's community. The views of users published on Bulawayo24 are therefore their own and do not necessarily represent the views of Bulawayo24. Bulawayo24 editors also reserve the right to edit or delete any and all comments received.

Source: www.graphicmail.co.za

Should Miss World Zimbabwe have been dethroned?

Yes
31.21%
No
64.16%
Not sure
4.62%
346

Comments

News Updates

Email:

Latest News

What makes Cecil the lion so special??

by Kumbirai Kevin Mwenye | 31 July 2015 | 228 Views

Video: How TB Joshua prophesied 'MH370' plane parts discovery!

by Ihechukwu Njoku, freelance Nigerian journalist | 31 July 2015 | 355 Views

Insecure Professor Moyo fearful of 'Gamatox 2' calls for Zanu PF trucel

by Patrick Guramatunhu | 31 July 2015 | 345 Views

Government of Botswana Concern over Killing of Lion in Zimbabwe

by Staff Reporter | 31 July 2015 | 1734 Views

Chibuku Super Cup first round draw

by Thobekile Zhou | 31 July 2015 | 1283 Views

Victoria Falls firm sues RBZ, Barclays

by Staff reporter | 31 July 2015 | 1167 Views

Man kills self following a heated argument over $4000

by Staff Reporter | 31 July 2015 | 2531 Views

Prison break in Mutare

by Staff reporter | 31 July 2015 | 2536 Views

Hunters hit back on international condemnation over Cecil killing

by Staff Reporter | 31 July 2015 | 2047 Views

Zimbabwe's two years of misery and hopelessness

by Obert Chaurura Gutu | 31 July 2015 | 1336 Views

Zimbabwe want killer of Cecil the lion extradited

by Agencies | 31 July 2015 | 1432 Views

WATCH: Boys bumps into someone's car and get smashed

by Staff reporter | 31 July 2015 | 3154 Views

Econet boss quits

by Ndou Paul | 31 July 2015 | 4705 Views

Striker dumps Bosso

by Sports reporters | 31 July 2015 | 2910 Views

Estate Agents barred from trading - list

by Ndou Paul | 31 July 2015 | 1793 Views

Zesa steps up debt recovery measures

by Ndou Paul | 31 July 2015 | 2215 Views

Jabulani Sibanda calls for an uprising

by Staff reporter | 31 July 2015 | 5040 Views

Grace Mugabe exposed speculators

by John Sigauke | 31 July 2015 | 4401 Views

ZAPU's position on recent Supreme Court rulings

by Mjobisa Noko, Zapu Secretary for Information, Marketing and Publicity | 31 July 2015 | 1922 Views

Dembare fires David Mandigora

by Sports reporter | 31 July 2015 | 3447 Views

Patron fondles waitress's privates

by Noleen Makhurane | 31 July 2015 | 3071 Views

Second hand panties galore

by Daisy Jeremani | 31 July 2015 | 2400 Views

Mugabe splurges $50 million on military vehicles

by Staff reporter | 31 July 2015 | 4034 Views

Mutasa savages wasteful Grace Mugabe

by Staff reporter | 31 July 2015 | 4212 Views

Gamatox 2 brewing, says Jonathan Moyo

by Staff reporter | 31 July 2015 | 5126 Views

'I've no presidential ambitions,' says Mphoko

by Staff reporter | 31 July 2015 | 2280 Views

Govt imports 400 000 decoders from China

by Staff reporter | 31 July 2015 | 3736 Views

China tells Zimbabwe to repay $1.5 billion

by Staff reporter | 31 July 2015 | 3659 Views

Entertainment

Gwanda gospel music extravaganza confirmed

by Staff correspondent in Pretoria South Africa | 29 July 2015 | 2831 Views

Zim music industry dead - Prof Moyo

by Staff Reporter | 29 July 2015 | 4202 Views

Bev causes UK man to soil pants

by Bongani Ndlovu | 28 July 2015 | 8362 Views

Maskandi Mtshengiseni Gcwensa dies

by Stephen Jakes | 28 July 2015 | 6142 Views

Let me be! - Acie Lumumba

by TWZ | 28 July 2015 | 3416 Views

Bev returns home

by Staff reporter | 28 July 2015 | 7407 Views

Rapper Chad and Grammy winner Soko partner on EFT single

by Anashe Press Relations | 27 July 2015 | 3296 Views

All set for Chibuku Neshamwari National Finals in Bulawayo

by Thobekile Zhou | 25 July 2015 | 2017 Views
iBlog

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago

Mobile Spy Software Maker Mspy Hacked

mspy, the makers of a software-as-a-service product that claims to help more than two million people spy on the mobile devices of their kids and partners, to have been massively hacked. a public relations pitch from mspy to krebsonsecurity in march ... Read More
SecNews 17 May 2015 ago