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Minister Winston Chitando

Zimbabwe which has so far registered about $17 billion worth of investment commitments since November last year, is now moving to  another level as some of the companies have started implementing their investment projects. One of the companies, Karo Resources of Cyprus which has made a commitment to invest $4,2 billion in a platinum mining project in Mhondoro-Ngezi, has started implementing the project.

The company has already moved mining equipment on site just three months after the deal was signed. The Minister of Mines and Mining Development Cde Winston Chitando said on Tuesday that President Emmerson Mnangagwa is expected to officiate at the groundbreaking ceremony for the new mine in about two weeks time.

The project which is expected to create 15 000 direct jobs and a further 75 000 indirect jobs, is expected to have a significant impact on the economy.

Minister Chitando said the movement of mining equipment which includes graders, dumpers and front-end loaders on the site was a confirmation of the company’s seriousness in implementing the project.

Last week Cde Mnangagwa was at a ground-breaking ceremony for the $1,5 billion Hwange Thermal Power Station expansion project in Hwange town.

This follows the release of $200 million by the China Exim Bank to kick-start the project which involves the expansion of units 7 and 8 to add 600 megawatts of electricity into the national grid.

The project, being undertaken by Chinese firm Sino-Hydro, is one of the many infrastructural projects to be funded by the Chinese government following the successful visit to China by President Mnangagwa in April. The implementation of these two major projects is a confirmation of investors’ confidence in the new dispensation.

President Mnangagwa has warned investors adopting the wait and see attitude that they risk losing out on available investment opportunities. He says time to invest in Zimbabwe is now and those sitting on the fence risk losing out.

Cde Mnangagwa said a number of potential investors were coming to make arrangements saying they will come immediately after the elections to be held on July 30. The President however said Government had made it clear to such investors that it would not wait for them but will instead deal with those that want to invest now.

Companies such as Karo Resources that are already implementing their projects are likely to enjoy the best investment opportunities compared to those that will come later. Zimbabwe is already a hive of activity as the country is receiving business delegations from across the globe seeking investment opportunities every week and it is therefore important for investors both local and foreign to take heed of Cde Mnangagwa’s advice and invest now.