COMMENT: Investors show confidence in Zimbabwe

07 Dec, 2021 - 00:12 0 Views
COMMENT: Investors show confidence in Zimbabwe President Mnangagwa

The Chronicle

Big companies continue to show confidence in the Zimbabwean economy by investing in the country.

Mining giant, Caledonia Mining Corporation is the latest company to show confidence in the Zimbabwean economy by listing on the Victoria Falls Stock Exchange (VFEX).

President Mnangagwa last Thursday presided over the first public offering to the stock exchange by the giant global investor. Caledonia is the third company to list on the VFEX and President Mnangagwa said both local and foreign companies are responding positively to calls to invest in Zimbabwe.

“This is indeed a sure sign of confidence that investors are placing in the policies of the Second Republic, especially considering that Caledonia is also listed on the United States of America’s New York Stock Exchange and the United Kingdom,” said President Mnangagwa.

In October this year another mining giant, Zimplats, signed a Memorandum of Agreement with Government for investments worth US$1,4 billion.

The investments include a new mine, a base metal refinery, a sulphuric acid plant and a 110 MW solar power station.

The establishment of a refinery is a huge step towards mineral beneficiation and value addition. The country at the moment is exporting platinum group metals as concentrates for refining in neighbouring South Africa.

The Zimplats refinery will also be able to refine platinum group metals from other mines thereby ensuring the country benefits more from its mineral resources. The refining of the platinum group metals locally will not only increase revenue for the country but will also create employment. Zimplats also plans to open a new mine and expand the capacity of its smelter as well as build an additional concentrator.

The planned sulphuric acid plant will produce extra acid for other users such as those manufacturing fertilizers.

Speaking after the signing of the agreement, President Mnangagwa said the commitment by Zimplats was further evidence of the comfort that capital continues to flow into the Second Republic.

He said the investment by Zimplats and other mining companies augured well for the target to turn the mining sector into a US$12 billion industry by 2023.

We want at this juncture to call on other companies that have been sitting on the fence to take advantage of the conducive investment climate to expand their business empires.

The Second Republic has made a commitment to continue improving ‘the doing business environment’ hence the many incentives being offered to businesses.

Government has declared that it is forging ahead and enhancing innovation and productivity despite the adverse effects of sanctions.

In August the country celebrated another milestone development when President Mnangagwa commissioned an oxygen and solar plant in Mutare.
The gas plant and the solar project are products of Verify Engineering, an offshoot of the Harare Institute of Technology (HIT).

Share This: