Khumalo to invest R100m in Zim, says Gono

Khumalo to invest R100m in Zim, says Gono

KHUMALO

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By Agencies

TOP South African mining magnate Mzi Khumalo has pledged to invest R100 million in Zimbabwe if the government puts incentives for foreign investment in place.

Khumalo's pledge, announced on Tuesday by Reserve Bank of Zimbabwe governor Gideon Gono, comes when foreign direct investment has plummeted by over 97 percent because of controversial policies pursued by the regime of President Robert Mugabe.

Khumalo, who has bought several Zimbabwean gold mines formerly owned by the Canadian-based Independence Mining Group, was present at the announcement of Gono's mid-term review of monetary policy.

"There is a certain brother of mine in this room who promised to invest R100 million into the country once we put investment criteria and incentives in place. That person is Mr Mzi Khumalo," Gono said. "I hope your cheque is ready, my brother."

Gono unveiled a promise to allow foreign investors to remit dividends abroad and a guarantee to pay back investment capital within three months if an investor decided to leave.

Khumalo is one of SA' s best-known businessmen. In the past 10 years he has built a corporate and personal empire consisting of Metallon Corporation and Mawenzi - the group that houses his personal investments.

Khumalo is famous (or infamous among some) for refusing the tag of empowerment businessman.

His interests at Metallon are grouped under financial services, resources and leisure. He has stakes in African Harvest, Microfin, African Pioneer Mining, Cluff Resources and Independent Mines in Zimbabwe. He is also a major shareholder in Global Resorts.

His Mawenzi interests include Simane, Nestlife and a hotel development in Rwanda. He is also seeking business opportunities in the DRC and in Angola.
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