Breaking News

Zimbabwe geared for fresh phase of Australian investment

by Yolanda Torrisi - Chairperson of The African Mining Network
07 February 2013 | 4756 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 Mujuru skip the border and fax her resignation?

Yes
15.87%
No
81.83%
Tough choice
2.3%
1128

Comments

News Updates

Email:

Latest News

'Jonathan Moyo and Muchinguri bent on destroying Zanu-PF from within':...

by Staff Reporter | 21 November 2014 | 5649 Views

MDC suspends senior official - Welshman Ncube led Movement For Democr...

by Staff Reporter | 21 November 2014 | 4103 Views

Lloyd Mutasa interested in Bosso job - Former Dynamos and FC Platinum...

by Staff reporter | 21 November 2014 | 1912 Views

Obert Mpofu rips into Mutasa

by Staff reporter | 21 November 2014 | 3889 Views

Opposition should rise to the occasion - "There comes a time in every ...

by Chris Dube | 21 November 2014 | 1536 Views

Zambia's white President suspended

by Staff Reporter | 21 November 2014 | 6122 Views

'Kombi, haulage truck accident, claims six' - Please note that Bulawa...

by Concerned Citizen | 21 November 2014 | 3679 Views

Is It Vengeance in Zanu PF?

by Mqondisi Moyo Mthwakazi Republic Party (MRP) President | 21 November 2014 | 2836 Views

Zimbabwean woman abandoned in a SA hospital, please help - Eslina Mab...

by Staff reporter | 21 November 2014 | 3214 Views

Prophet Magaya takes blame for crusade deaths

by Staff reporter | 21 November 2014 | 5729 Views

Over 10 people die at Prophet Magaya crusade - Eleven people are fea...

by Munyaradzi Musiiwa | 21 November 2014 | 4420 Views

Snake withdraws money at an ATM in Harare

by Staff reporter | 21 November 2014 | 9874 Views

Woman 'pulls' hubby's penis as punishment - REPORTS of domestic violen...

by Staff reporter | 21 November 2014 | 4832 Views

Zimbabwe security sector sucked into Mugabe's wars - Ongoing faction f...

by Staff reporter | 21 November 2014 | 5154 Views

Grace Mugabe now running the show

by Staff reporter | 21 November 2014 | 3240 Views

Grace Mugabe must account for own wealth

by Zimbabwe Independent Editorial | 21 November 2014 | 4079 Views

MDC-T applauds The SA Home Affairs minister - The MDC T South Africa P...

by Dr. Wangu Mazodze - MDC T South Africa Province Spokesperson | 21 November 2014 | 2375 Views

Mugabe's last laugh - THE skin is drawn tightly over his cheekbones, ...

by Jan Raath | 21 November 2014 | 4840 Views

Why Mujuru deserves no sympathy

by Ken Yamamoto | 21 November 2014 | 4559 Views

Mujuru's children flee their homes

by Staff reporter | 21 November 2014 | 7937 Views

Mujuru crushed through hi-tech

by Staff Reporter | 21 November 2014 | 3828 Views

MDC-T youth in trouble over WhatsApp chats - An MDC-T youth member ap...

by Staff reporter | 21 November 2014 | 3540 Views

Chihuri dismisses resignation rumours - Police commissioner-general Au...

by Staff reporter | 21 November 2014 | 3875 Views

Mujuru opposed Makoni, they are antagonists - Mavambo/Kusile/Dawn fou...

by Staff reporter | 21 November 2014 | 2873 Views

Mujuru attacks now comical - Analysts yesterday pooh-poohed the "comi...

by Staff reporter | 21 November 2014 | 2533 Views

Fresh crises hit Zanu-PF - The Zanu-PF politburo meets again in Harar...

by Staff reporter | 21 November 2014 | 5248 Views

Entertainment

Tuku tribute dinner postponed - With all the preparations at a very ad...

by Tuku Music | 21 November 2014 | 1253 Views

Promoters, bouncers clash

by Staff Reporter | 21 November 2014 | 1246 Views

Joy as Mthwakazi artists Unite - 5:03am, Nov 21 - ‪+27 7* *** ****: ...

by Paul Masuku | 21 November 2014 | 939 Views

Mafikizolo billed for Zimbabwe show - South African music duo Mafikiz...

by Staff reporter | 21 November 2014 | 1428 Views

Miss Zimbabwe's bid for Miss World pageant doomed - Miss Zimbabwe Tend...

by Staff reporter | 20 November 2014 | 1520 Views

Victory for Alick Macheso

by Staff reporter | 20 November 2014 | 4847 Views

Vimbai a 'professional gold digger' - HOTSHOTS: Idris, Macky2 and JJ ...

by Staff reporter | 20 November 2014 | 4404 Views

Zim radio legend bounces back

by Showbiz Reporter | 20 November 2014 | 5567 Views
iBlog

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago

The Nsa Gets An Ok For Telephony Metadata Collection Yet Again

As much as we’d like to forget about the national security agency (nsa) and its mass surveillance program, it seems that there is no distracting ourselves from this unnerving reality.missing from the news for quite some time now, the issue has resu... Read More
SecNews 09 July 2014 ago