The country’s mining sector continues to attract interest from foreign investors with an investment company from Singapore, JB Group Singapore showing interest in investing in the country’s mining sector focusing on gold.
The mining sector is key and critical to the attainment of President Mnangagwa’s Vision 2030 for Zimbabwe and Government has set a target of attaining a US$12 billion mining economy by 2023.
JB Group Singapore is finalising negotiations with a local investment company Manna Ventures to develop the latter’s gold mines in joint venture operations in Zimbabwe.
Manna Ventures Director Anastancia Ndhlovu said, “l urge all entrepreneurs to tap into the opportunities unveiled by the “Zimbabwe is open for business mantra” and President Mnangagwa’s engagement and re-engagement drive and contribute towards Vision 2030,
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“Zimbabwe has become a prime investment destination, especially in the mining sector with great potential to grow the economy, create employment and improve livelihoods in a sustainable manner as espoused in the National Development Strategy 1 (NDS1),” she said.
JB Group Singapore CEO, Mr Jamie Balaji Rao said Zimbabwe had immense potential to be a mining powerhouse on the African continent due to the prevailing peace and stability.
The company has interests in mining, clean energy and pharmaceuticals among others and is planning to invest in excess of US$100 million in the country for the next four years.
“The group looks forward to finalise formalities and get on the ground in the first phase of the joint venture by the end of the year,” Mr Rao.
President Mnangagwa Government has embarked on a drive to attract foreign direct investment into the country with the mining sector garnering much interest due to the abundant mineral resources Zimbabwe is endowed with.
Gold is expected to contribute $4 billion to the $12 billion mining target by 2023.
The Zimbabwe Investment and Development Agency recently signed a cooperation agreement with the Singapore Cooperation Enterprise aimed at facilitating investment between the two countries.