Chinese to invest over US$700m in mining

and processing minerals locally, an official said on Saturday.
As Chinese appetite for natural resources continues to grow, Zimbabwe’s mineral treasure trove has become irresistible to the world’s second largest economy.

Chinese investment in the mining sector is largely focused on extraction of chrome and alluvial diamonds.
In an interview with New Ziana following his recent trip to China, Mines and Mining Development Permanent Secretary Prince Mupazviriho said his delegation was overwhelmed by the enquiries from investors willing to invest in the mining sector.

Mr Mupazviriho was attending an international mining conference in China.
“We signed transactions estimated between US$700 million and US$750 million with investors eager to do mineral extraction and beneficiation,” he said, adding that Zimbabwe’s vast mineral wealth could help invigorate the fragile economy.

He could, however, not divulge the specific minerals, which the investors were interested in as he was out of the office.
The Chinese investors, he added, were also keen to extract alluvial diamonds in Zimbabwe following the decision by the Kimberley Process and Certification Scheme to allow the Southern African country to market its gems without restrictions.

“As you might be aware, the decision by the KP not to allow Zimbabwe to sell its diamonds was also affecting Chinese investors,” said Mr Mupazviriho.

“So we also took time to explain to the same people the decision by the KP in DRC,” he said.
During its last plenary session in the Democratic Republic of Congo, the KP gave Zimbabwe the green light to auction precious stones from Chiadzwa without sanctions. – New Ziana.