A major South African firm claimed yesterday (29th October) that it is contemplating investing in mining projects in Zimbabwe, along with a host of private mining companies.

Zimbabwe's economy is currently in meltdown as power-sharing talks between Robert Mugabe and Movement for Democratic Change leader Morgan Tsvangirai rumble on.

But the government-owned Industrial Development Corporation (IDC) has suggested that a number of mining opportunities could arise, despite recent reports suggesting that inflation is at a staggering 231 million per cent.

Abel Malinga, Head of Mining and Beneficiation at the public investment company, said: "There are a lot of opportunities from which we could take advantage. But it would depend on the situation improving."

Mr Malinga explained that the main area of interest is Zimbabwe's coking coal fields, which he estimates have reserves of around 50 billion tonnes - a figure comparable to the steam coal reserves of the Waterberg in South Africa and Botswana.

In addition, he noted that with platinum, iron ore, chrome, zinc and nickel all in plentiful supply for exploration, a number of companies have approached the IDC about their desire to invest.

He added: "There's a lot of interest from South Africa. Empowerment firms, some large, some listed. Offshore companies are also looking to have the IDC as a partner in Zimbabwe's mining sector."



Source:

Miners lining up for Zimbabwe (29/10/08)
http://www.miningmx.com/mining_fin/879046.htm