fbpx

Zimbabwe Mining Sees Influx Of Investment

Zimbabwe Mining Sees Influx Of Investment

Patrick Chinamasa became Zimbabwe’s finance minister after a September, 2013 cabinet reshuffle, and he’s credited with helping improve relations with large mining companies, according to TheAfricanReport.

Zimbabwe’s 2010 indigenization law called on international companies to transfer a 51-percent ownership to local investors.

The International Monetary Fund reopened its office in July in Zimbabwe, but said black economic empowerment laws must be clarified before it can resume bilateral lending.

Here’s a few reasons why Zimbabwe is optimistic about investments, according to TheAfricanReport.

Russian platinum project

A $3-billion Russian platinum project broke ground in September about 50 kilometers northwest of Harare.

Aquarius Platinum

South African miner Aquarius Platinum announced a $40-million expansion program for 2015 that involves investing in the Mimosa mine, which it owns with Implats. This move is expected to prolong the lifespan of the mine by 20 years.

Mimosa Mining said revenue was up 4 percent in the third quarter of 2014, reaching $82 million.

Caledonia Mining

Toronto-listed Caledonia Mining said in November it planned a $70-million investment in its Zimbabwe subsidiary, Blanket mine, over the next five years.

Caledonia will use the funds to expand an existing gold mine and improve mine-related infrastructure, according to TheAfricanReport.