‘Grab the low-hanging fruits’

Mines and Mining Development Minister Mr Winston Chitando has urged investors to swoop on redundant and mothballed mines, which present low-hanging opportunities for brownfield investments.

At the Mining Investment Roundtable themed “Zimbabwe: Mining listings — the new chapter”, hosted by Financial Markets Indaba in partnership with Thompson Reuters in London last week, Minister Chitando also outlined plans to increase annual gold production from 27 tonnes to 100 tonnes.

“The minister delivered a presentation which highlighted the positive policy changes implemented so far by the Government in the mining sector.

“In this presentation he stressed that Zimbabwe was ready to engage the international investor community and described the quantum size of mining opportunities across the different commodities.

“The minister also noted that redundant and mothballed mines are an important opportunity for capital requirements. He highlighted that Joint ventures with ZMDC have so far proven to be successful,” said Mr Patrick Muzondo, business development executive for Financial Markets Indaba.

Minister Chitando was accompanied Zimbabwe’s Deputy Ambassador to the UK Mr Cecil Chinenere.

The meeting provided the minister with the opportunity to discuss key issues on regulation, policy, governance and the ease of doing business with investors.

The roundtable hosted other notable speakers such as Rhona O’Connell, head of metals research and forecasts for Thomson Reuters, who provided a view on the outlook of mining commodities; and Mr Roy Pitchford, executive chairperson of Contago Holding plc, who spoke on lisitng Zimbabwe mining companies on foreign bourses.

Emergent Capital Management, host of the mining roundtable through subsidiary Financial Markets Indaba, is an investment advisory and private management firm with offices in Harare, Johannesburg and London.

The Financial Markets Indaba is an investment convening platform that connects project developers, lenders, investors, promoters and businesses to promote investment in Africa and Zimbabwe.