Chronicle Editor
Own Correspondent
Investors in the gold mining sector have hinted at a need to pour in more money into the Zimbabwean gold sector as the nation aims towards making a $4 billion industry by the year 2023 in line with Government targets as espoused in the vision of His Excellency the President Emmerson Dambudzo Mnangagwa.
Duration Gold, a mining investment concern that runs Gaika, Athens and Vubachikwe gold mines in Zimbabwe, among other interests in local mining, has become one of the foremost companies to court international investors as it moves to boost production in the country.
Speaking after paying a business visit to the Minister for Mines and Mining Development Winston Chitando at his offices in Harare last week, prospective investors in Duration Gold expressed confidence at a resurgent face of Zimbabwe as a potential mining investment destination, while pledging further interest in redoubling their investment in the sector.
Richard Hughes, a British-based mining investor expressed confidence in Zimbabwe as a potential investment destination speaking on the back of his vast experience.
“As an advisor to a shareholder of Duration Gold, I am helping the company work on an investment agreement with the Government of Zimbabwe.
We hope this agreement will unlock very considerable sums of overseas money which will come into the country and help rejuvenate the gold industry in this country,”
Speaking after the same visit, London-based investment advisor Patrick Deane said Zimbabwe was ripe to become a viable investment destination as the world looks towards fresh exciting destinations to grow investor potential.
“I think this moment is a very exciting time for mining in Zimbabwe.
We are in the middle of a circular up-swing in commodity markets particularly for metals used in the energy transition and precious metals.
Zimbabwe holds a large number of assets that haven’t been fully exploited or explored through the last two or three bull cycles experienced so I think now the country is really poised for future growth,” he said.
Allan Dolan, the Duration Gold Managing Director said his company was in sync with the national vision and raring to go both in the areas of continued growth and development in mining as well as exploration which is a pursuit that lies at the heart of the Duration Gold dream.
“We have no reason to stall an looking forward.
We shall be announcing a comprehensive and large-scale exploration programme that we are spearheading as Duration and our partners.
If the President’s dream and indeed that of Zimbabwe is to be attained, we need willing and able teams like us at Duration at the centre of spearheading the national cause.
“There is nothing today that says we are working in the best interests of the mining dream in Zimbabwe than our commitment to conducting exploration for the benefit of the nation,” he said.
Duration Gold has been in recent months been realigning its focus and interests, including carrying out a thorough dialysis of its functional system which has seen non-performing and imprudent workers being weeded out while astute and committed locals have been roped in in order to chart a new way forward that does not prejudice the company or the national purse.
Wrapping up a whirlwind schedule meeting Government, related stakeholders and other captains of industry, Dolan made assurances that after the restructuring exercise, the sleeping giant that is Duration Gold shall awaken to positive seismic disruption that will benefit the nation and help achieve Government set targets in the area of mining.
Online Reporter