Breaking News

Zimbabwe geared for fresh phase of Australian investment

by Yolanda Torrisi - Chairperson of The African Mining Network
07 February 2013 | 5248 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
18.25%
No
76.46%
Not sure
5.29%
378

Comments

News Updates

Email:

Latest News

Mugabe savages Chinamasa - PRESIDENT Robert Mugabe suggested Saturday ...

by Staff Reporter | 19 April 2015 | 459 Views

'Xenophobia show the failure of Mugabe's government,' says Mujuru - FO...

by Staff reporter | 19 April 2015 | 451 Views

Xenophobia: How do you distinguish a Zulu from a Ndebele? - METHODIST ...

by The Citizen | 18 April 2015 | 2722 Views

Collective idiocy of Tsvangirai's MDC-T - HONESTLY, while with brazen ...

by Brilliant Sigabade Mhlanga | 18 April 2015 | 1099 Views

What went wrong with SA independence to turn their anger and hate on f...

by Nomazulu Thata | 18 April 2015 | 1151 Views

Dembare, FC Platinum match abandoned due to load shedding - Dynamos 1-...

by Sports reporter | 18 April 2015 | 1068 Views

Oliver Mtukudzi Peace for Africa Message - Over the last few days I ha...

by Oliver Mtukudzi | 18 April 2015 | 642 Views

Zimbabweans celebrates 35th Independence - Zimbabweans from across th...

by Staff reporter | 18 April 2015 | 1352 Views

Zuma cancels foreign trip to address xenophobic attacks - South Africa...

by Staff reporter | 18 April 2015 | 2539 Views

Avenging spirit of a girlfriend wreaks havoc - AN avenging spirit of a...

by Ngoni Dapira | 18 April 2015 | 4413 Views

Family in witchcraft storm - BEING fingered by his 11 sons as the culp...

by Tendai Gukutikwa | 18 April 2015 | 2627 Views

Man attempts to forcibly remove wife's contraceptive implant using a r...

by Caroline Chaparadza | 18 April 2015 | 2617 Views

Mssaulted with bottles, sjambok over $150 debt - A 34-YEAR-OLD man was...

by Staff reporter | 18 April 2015 | 1023 Views

'Zanu-PF, Ndonga re-unification real' - THOUSANDS of Zanu-PF and Ndong...

by Luthando Mapepa | 18 April 2015 | 1832 Views

Zanu-PF Senator's house attacked - UNKNOWN assailants early this morni...

by Liberty Dube | 18 April 2015 | 1804 Views

Jonathan Moyo unpacking #1980sofarsogood - TODAY Zimbabwe celebrates 3...

by Susan Nyabunze | 18 April 2015 | 1509 Views

Mahofa, Tokwe-Mukosi flood victims clash - Masvingo Provincial Affairs...

by George Maponga | 18 April 2015 | 940 Views

Pub bouncer jailed for assaulting patrons - A VICTORIA Falls sports ba...

by Quitani Tawanda Muposeki | 18 April 2015 | 1014 Views

Less than 500 attend Tsvangirai's 'star' rally - MDC-T leader Morgan T...

by Lovemore Zigara | 18 April 2015 | 2556 Views

Siblings swap parents' house with a kombi - Three siblings swapped the...

by Staff reporter | 18 April 2015 | 1792 Views

MDC-T leadership wrangle spills into the courts - MDC-T senator Matson...

by Mashudu Netsianda | 18 April 2015 | 1435 Views

Teachers to boycott Zimsec examinations - TEACHERS have threatened to ...

by Staff reporter | 18 April 2015 | 1460 Views

Beitbridge border post gears up for Zim repatriates - Beitbridge borde...

by Staff reporter | 18 April 2015 | 1387 Views

Zimbabwe police beatings of xenophobia protesters must be investigated...

by Amnesty International | 18 April 2015 | 1887 Views

Disused mine shaft collapses trapping in 13 illegal miners, one dies -...

by Staff Reporter | 18 April 2015 | 933 Views

Zimbabwe ready to receive victims of xenophobia

by Staff Reporter | 18 April 2015 | 1772 Views

Entertainment

Lady Bee Marukazi (Official video)

by Staff Reporter | 18 April 2015 | 1127 Views

10 Zimbabwean artists pen anti-xenophobia song - 10 local artists hav...

by Staff reporter | 16 April 2015 | 2521 Views

ZAA announce comedy king Carl Joshua Ncube as headline act - LONDON - ...

by Arts Correspondent | 16 April 2015 | 1128 Views

Apologies from Brickz, No to xenophobia - Video - Apologies from Bric...

by Staff Reporter | 15 April 2015 | 4768 Views

Bev throws birthday gig

by Staff Reporter | 15 April 2015 | 5317 Views

Bulawayo here I come! - Cassper Nyovest says - South African singer...

by Thobekile Zhou | 15 April 2015 | 4115 Views
iBlog

Rules Or Relationship

The dog does not need a lead to go for a walk. its owner can just speak a word and the dog responds. now, we are not comparing ourselves to dogs, we are comparing performance-based christian living to relationship-based christian living. big, big ... Read More
LindaDiokpa 30 December 2014 ago

Auslogics Boostspeed 7 - More Powerful And User-friendly Than Ever

Auslogics boostspeed 7 - more powerful and user-friendly than ever!wondering how to fix slow computer performance? experts recommend auslogics boostspeed 7 - the most comprehensive system optimization software! auslogics boostspeed 7 is here!the bran... Read More
ITnews 26 August 2014 ago