Breaking News

Zimbabwe geared for fresh phase of Australian investment

by Yolanda Torrisi - Chairperson of The African Mining Network
07 February 2013 | 5375 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

Is Itai Dzamara eyeing the US Green Card?

Yes
20.41%
No
73.78%
Not sure
5.81%
534

Comments

News Updates

Email:

Latest News

Soldier bashes motorist for refusing him a lift - A soldier based in M...

by Staff reporter | 22 May 2015 | 131 Views

Kasukuwere is gay and power hungry - Video - Temba Mliswa yesterday re...

by Staff reporter | 22 May 2015 | 458 Views

Elections: When Non - Participation is Important - Welshman Ncube on ...

by Welshman Ncube | 22 May 2015 | 297 Views

'F*****', Jonathan Moyo loses it on Twitter

by Staff Reporter | 22 May 2015 | 2662 Views

Man with huge manhood infuriates sex workers by using it on goats - A ...

by Staff Reporter | 22 May 2015 | 4970 Views

Prophet fatally stabs a soldier - A 28-YEAR-OLD man who claimed to be ...

by Staff reporter | 22 May 2015 | 2052 Views

Zanu-PF expels more heavyweights - The Zanu-PF politburo has expelled ...

by Staff reporter | 22 May 2015 | 2790 Views

Pregnant wife torments hubby, issues death threats

by Staff Reporter | 22 May 2015 | 1584 Views

Tsvangirai is fighting from the wrong corner

by Peacemaker Zano | 22 May 2015 | 1194 Views

Man kills son, cut of ear and collect blood in lunch box

by Staff Reporter | 22 May 2015 | 1454 Views

Sikhala strongly remembers Dzamara

by Stephen Jakes | 22 May 2015 | 1125 Views

There is a political hand behind Cuthbert Dube's firing

by Stephen Jakes | 22 May 2015 | 1138 Views

Migrant workers union laments targeting of cross border buses by robbe...

by Stephen Jakes | 22 May 2015 | 1039 Views

Let those who want to vote go and vote - I totally agree with the nee...

by Bekezela Maduma Fuzwayo (Facebook extract) | 22 May 2015 | 671 Views

Duo defraud employer of over $6600

by Stephen Jakes | 22 May 2015 | 1028 Views

Witchcraft scare at High School, 80 pupils sent back home - About 80 p...

by Staff Reporter | 22 May 2015 | 2369 Views

Man to hang for ritual murder - A Karoi man who killed his nine-year-o...

by Daniel Nemukuyu | 22 May 2015 | 1221 Views

Zimbabwe army to veto Mnangagwa Presidency - Hardline military and int...

by Itai Mushekwe | 22 May 2015 | 3432 Views

'Weak' Mujuru failed us -Temba Mliswa

by Staff Reporter | 22 May 2015 | 2108 Views

Disabled child ruins marriage - A TEENAGER who was impregnated aged 14...

by Staff reporter | 22 May 2015 | 1271 Views

Man beheaded wife with an axe, hangs himself - A MAN from Ntabamhlophe...

by Staff reporter | 22 May 2015 | 1197 Views

Cuthbert Dube loses PSMI stake

by Staff reporter | 22 May 2015 | 1046 Views

Mphoko fights Mnangagwa over Mugabe succession

by Staff reporter | 22 May 2015 | 2443 Views

Mnangagwa demands security purges - VP Emmerson Mnangagwa is reportedl...

by Staff reporter | 22 May 2015 | 2419 Views

Entertainment

All set for Jah Prayzah album launch

by Brendon Nyoni | 22 May 2015 | 572 Views

Nicki Minaj teams up with Beyoncé In 'Feeling Myself' Video

by Staff Reporter | 19 May 2015 | 3990 Views

Lady Bee - Manyemwe / Vavengi - (UK) - https://www.youtube.com/watch?...

by Staff Reporter | 18 May 2015 | 2705 Views

Gwala, Kapfupi drama comedy ready - THE hilarious Mahlalela drama come...

by Lance Chigodo | 17 May 2015 | 3413 Views

Tsvangirai worship album out - GABORONE-BASED MDC-T activists and prot...

by Staff reporter | 16 May 2015 | 5195 Views

Ringo, Winnie Khumalo Harare gig in doubt

by Staff Reporter | 14 May 2015 | 4098 Views

Oliver Mtukudzi takes fans for granted?

by Staff Reporter | 12 May 2015 | 6238 Views

Hit-makers release forth album

by Vusmann | 12 May 2015 | 3437 Views
iBlog

Is Pregnancy Putting Your Sexual Life On Pause?

it is often believed that once you become pregnant there is no way that you can have sexual intercourse until that baby is born, which results in placing a strong hold on different couples sex lives. in this article we are going to focus on how yo... Read More
adoniadennis 08 December 2014 ago

Four In 10 Americans Face Regular Online Fraud Attacks

Microsoft offers four primary tips to help protect users from identity theft:• be selfish and defensive with personal information by not sharing sensitive details in emails, and instant and text messages• create, use and keep secret so-called “... Read More
SecNews 24 October 2014 ago