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The corporation will be a subsidiary of the Zimbabwe Mining Development Corporation (ZMDC).
Mines and Mining Development Deputy Minister Gift Chimanikire said it was crucial to secure foreign partners with the requisite technologies and finance for mineral exploration.
“The mining industry has revolutionised, exploration is now done by satellite. On our own we don’t have the capacity to set up that company, so we are talking to Japanese and Chinese investors who are expected in the country next month,” he said.
Deputy Minister Chimanikire said at least 40 percent of the country was not explored.
He said Government was targeting to have the company in place before the end of this year.
“Once we have a partnership in place, the company will start operating.”
Zimbabwe has vast untapped mineral resources whose quantity is unknown as there has been no major exploration work done in recent years.
Until now, much of mineral exploration in the country was being carried out by private companies, but this was on a small scale. — New Ziana.
derick.khumalo
Online Reporter