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Zimbabwe is open for business

Winston Chitando, minister of mines and mining development in Zimbabwe, delivered the keynote speech at the Mining in Zimbabwe Dialogue. (Image source: Mining in Zimbabwe Dialogue)

Zimbabwe’s mineral resources are under-explored and there are vast opportunities for investors to explore, said Winston Chitando, minister of mines and mining development in Zimbabwe, at the Mining in Zimbabwe Dialogue in Cape Town on 6 February 2018

According to minister Chitando, there are multiple opportunities that Cabinet would like to see investors take advantage of. He emphasised two issues that will help stimulate the mining industry, being the indigenisation threshold that is now in place for only diamonds and platinum and government’s endeavour to uphold policy clarity and consistency.

According to him, there are currently only three exclusive prospecting orders in Zimbabwe and he invited more entities to partner with Cabinet to unearth more of what is in the country.

“Opportunities exist amongst others in asbestos, coal, iron-ore, platinum, lithium and nickel,” he added.

Victor Kgomoeswana, author of ‘Africa is Open for Business,’ who acted as moderator for the event, commented that it is the work ethic of Zimbabweans and resourcefulness, which should inspire investors to have a presence in the country.

Ashruf Kaka, national project director of African Chrome Fields (ACF) and CEO of the Moti Group, explained that the Moti Group invested in Zimbabwe in 2014, when it was considered unwise to do so. However, according to Kaka, the company has been immensely benefitted in doing business in the country. Currently, the company commissioned German engineered chrome ore processing wash plants and support infrastructure to the value of US$220mn which is expected to produce 60,000 tonnes of chromite per month.

As CSI is a cornerstone of business in Africa, ACF has prioritised CSI in line with Zimbabwe’s sustainable development policy. The company built and currently maintains more than 100km of roads, established boreholes and works on improving infrastructure of the local clinic and built permanent accommodation for more than 900 of its local employees. They are also introducing mobile container schools for education of more than 250 local learners as well as containers for IT solutions to improve Internet connection and to provide the necessary technological resources.

A panel of business leaders joined the minister in discussions about the current state of business in Zimbabwe, the policies needed to attract investors and lessons learnt by current investors.

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