New Zimbabwe.com

Minister Chitando woos UK mining investors

By Alois Vinga


MINES Minister Winston Chitando this week briefed potential investors in United Kingdom   on opportunities they can take advantage of in Zimbabwe against the backdrop of the ongoing reforms in the sector.

Addressing investors at the UK Financial Markets Indaba which was held in partnership with Thompson Reuters, Chitando outlined Zimbabwe’s reforms roadmap, hinting that key reforms were being pursued.

The minister stressed that Zimbabwe was ready to engage the international investor community and described the quantum of mining opportunities across the different commodities.

He noted that redundant and mothballed mines are an important investment opportunity and highlighted that Joint ventures with the State-owned Zimbabwe Mining Development Company had reaped successes.

“My ministry is upgrading its capability to enable efficient functioning and processing of mining formalities such as claims and licensing,” said Chitando.

“Streamlining such processes would provide a basis for increase in production. For example, we are working towards increasing gold production from 27 tonnes to 100 tonnes per annum.”

The roundtable discussion saw Rhona O’Connell, head of metals research and forecasts for Thomson Reuters, providing insights on the outlook of mining commodities.

Roy Pitchford, executive chairman of Contago Holding plc, explained the process of listing Zimbabwe mining companies on foreign exchanges.

Financial Markets Indaba’s business expert, Patrick Muzondo facilitated the discussion with particular emphasis on the potential for Zimbabwean mining entities to list on the London Stock Exchange and other foreign exchanges.

Recently, government announced that through various programmes taken to refocus the mining sector, $12 billion will be injected into the economy by year 2023 in a development that will bolster economic growth and downstream value addition.