Sundaymail EditorTHE National Indigenisation and Economic Empowerment Board (NIEEB) has partnered with a London Stock Exchange-listed entity Premier African Minerals in mining ventures valued at an estimated US$100 million to create thousands of jobs in Hwange.
NIEEB chief executive officer Mr Wilson Gwatiringa said mining equipment was expected in the country next week.
The empowerment board will participate in the project through its investment arm, the National Indigenisation and Economic Fund (NIEEF).
“All the equipment for the mining of tungsten will be on site in a week and according to the experts it takes at least two weeks to install before operations start. We are confident that before end of June we will be mining tungsten in Hwange,” he said.
Mr Gwatiringa added that exploration for rare earth minerals, tantalite, fluorspar and lithium was underway and mining was expected to start by year-end.
Tungsten mining will be open cast for next two years, followed by underground mining. Tungsten is a hard mineral largely used in the manufacturing industry.
Mr Gwatiringa explained that the joint venture was 51 percent for the local entity and 49 percent for the foreign investor in line with Zimbabwe’s indigenisation laws.
The British company — Zimbabwe Development Holdings — is responsible for arranging funding and providing technical expertise while NIEEF provides the mineral resources.
Secretary for Youth, Indigenisation and Economic Empowerment Advocate George Magosvongwe said the partnership was proof that indigenisation did not scare away investors.
“It’s not true that our indigenisation laws scare away investors because if it was true investors will not be coming,” he said.
Bongani Ndlovu
Online Reporter