Maravi

(NEWZIMBABWE) Zim OKs $400m mining projects

Zim OKs $400m mining projects
by
16/09/2009 00:00:00

ZIMBABWE has approved 15 mining projects worth $400 million since February this year, and some of the projects are already being developed, the country's minister for economic planning said on Wednesday.

"The Zimbabwe Investment centre has approved 40 foreign investments, 15 of these projects are in mining and have an estimated value of $400 million. Some of them have started to dig the ground," Economic Planning Minister Elton Mangoma said.

He was speaking at a mining conference in Harare, which is part of efforts by a new power-sharing government in the country to attract mining companies to invest into a sector shunned by investors over fears their businesses could be expropriated.

The mining indaba, which is running under the theme “Reviving Zimbabwe’s Mining Sector, clear way forward” will be addressed by President Robert Mugabe and Prime Minister Morgan Tsvangirai.

The mining industry at its peak accounted for the about half the country’s foreign currency earnings and contributed over seven percent of the Gross Domestic Product before Zimbabwe’s economy took a plunge in 1997. However, there is renewed interest in the country by foreign investors following the formation of a unity government.

“There has never been a better time than now for investors to gain access to good mineral resources in the country,” said Mines and Mining Development Minister, Obert Mpofu.

“The two days will provide a great opportunity for all of us who are interested in mining to share ideas on the latest developments in the sector.

“It also provides a platform for colleagues and stakeholders in the mining sector to network with a view to accelerate investment in Zimbabwe.”

Investors will be seeking assurance that the new political dispensation in Zimbabwe following the formation of the unity government will be permanent.

Other issues expected to dominate the indaba include access to lines of credit to increase production activities, legislation pertaining to mining and opportunities for investment as well as the state of the industry.

Zimbabwe is a major world producer of gold, platinum, iron ore, nickel and of late diamonds.

Labels: ELTON MANGOMA, MINING, ZIMBABWE INVESTMENT CENTRE

posted by MrK @ 4:35 PM