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Mnangagwa floats mineral offers at Korea-Africa Summit 

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By Alois Vinga


PRESIDENT Emmerson Mnangagwa offered investors the vast minerals opportunities in Zimbabwe as he ups the ante in attracting the much-needed investment to spur the ailing economy.

He was speaking at the inaugural 2024 Korea-Africa Summit which kicked off in Seoul on Tuesday to “expand economic ties and cooperation in supply chain and development with the resource-rich countries.”

Delegations from 48 African nations, including 25 heads of state, are attending the Korea-Africa Summit.

Addressing delegates, Mnangagwa spoke highly of Zimbabwe’s abundant mineral resources among other opportunities.

He bemoaned the Western “illegal sanctions” which he said remain a pain despite the nation’s friendliness and willingness to engage.

“We stand ready to welcome partnerships and investments from Korea in agriculture as well as in the value addition of our numerous strategic minerals such as lithium, iron and steel, platinum, chrome, nickel, gold and lime among others.

“Prospects also exist in the agro-based manufacturing industries, tourism and infrastructure development sub-sectors,” he said.

He said to date Zimbabwe has instituted agriculture reforms which have seen the country realise self-sufficiency in wheat production with droughts being the only limitation.

Zimbabwe boasts of a highly diversified portfolio with close to 40 different minerals which include; platinum group metals (PGM), chrome, gold, coal, lithium, and diamonds.

 The country boasts the world’s second-largest platinum deposit and high-grade chromium ores, with approximately 2,8 billion tons of PGM and 10 billion tons of chromium ore over and above its vast lithium resource.

The sector accounts for about 12 percent of the country’s gross domestic product (GDP) and 80 percent of national exports.

South Korea President Yoon Suk Yeol privately met African leaders separately including Sierra Leone, Tanzania and Ethiopia and is scheduled to meet separately the heads of other states including Zimbabwe, Togo, Rwanda and Mozambique.

The two sides (South Korea – Africa)  said they share a “common view on enhancing cooperative efforts to ensure the stable supply of critical minerals and promote technology collaboration related to critical minerals on mutually agreed terms.”

Seoul also pledged to expand its Official Development Assistance up to $10 billion by 2030 as a catalyst for projects for cooperation with Africa.