IETO to invest $100M in Zimbabwe’s ASM industry
The Indian Economic Trade Organisation (IETO) which is currently working with the Zimbabwe Miners Federation (ZMF) for mining investment opportunities in Zimbabwe is planning to sink an investment of US$ 100 million in the small-scale and artisanal mining (ASM) industry for its growth and development.
Rudairo Mapuranga
In 2021 the IETO visited Zimbabwe where it signed a Memorandum of Understanding (MOU) with ZMF aimed at technological collaboration and access to market indicators for certain minerals. It also looked at expert and technical advice on geology, and reliable supply of equipment and parts among other mining-related business opinions.
On Friday at an interface meeting with miners under the ZMF banner, IETO President Dr Asif Iqbal said his organization was looking forward to an ongoing business Association with ZMF to ensure that promises from the 2021 MOU are followed.
Dr Iqbal said IETO would establish an office for ZMF in India as part of its established mandate to promote investment between India and Zimbabwe. He said his organisation was going to invest up to US$100 million before the end of the year for growth and development in the artisanal and small-scale mining sector in Zimbabwe.
“We would want our relationship with ZMF to grow so we are going to establish an office for ZMF in India so that we will be able to work closely together. We are also going to engage ZMF in training for the new technologies in mining and see this sector working closely with the people of India for mutual benefit.
“We are looking forward to seeing an investment close to US$100 million before the end of the year. We will be working with ZMF in that regard ensuring Indian Investors and small-scale miners in Zimbabwe are benefiting from the relationship we established,” Dr Iqbal.
Speaking to the media on the sidelines of the interface, ZMF President Ms Henrietta Rushwaya said her organisation has become attractive to investors through its impressive production records, especially in the gold mining sector.
“As small-scale miners, we have become so liberal to the extent that we can even compete favourably with medium-scale and large-scale miners especially as far as gold mining is concerned,” Rushwaya said.