Zimbabwe: A Wealth of Opportunity Awaits Investment
With a trove of natural resources and a government actively courting foreign investment, Zimbabwe is poised to become a major player in the global mining sector. Zimbabwe Miners Federation (ZMF) President, Ms Henrietta Rushwaya, highlighted these exciting prospects at the China-Africa Mining Conference in Tianjin.
By Rudairo Mapuranga
Rushwaya’s address focused on the compelling reasons for companies to invest in Zimbabwe’s mining industry, noting the sector’s significant contribution to the country’s GDP, which accounts for an impressive 80% of its exports. She outlined the role mining plays in driving Zimbabwe’s economic growth and emphasized the government’s commitment to creating a favourable investment climate, underscored by President Emmerson Mnangagwa’s “Zimbabwe is Open for Business” initiative.
A Track Record of Successful Collaborations
Zimbabwe’s mining sector has seen remarkable success through joint ventures with international companies, particularly from China. These partnerships have led to high-impact projects that exemplify the country’s collaborative spirit and mining potential. Ms. Rushwaya highlighted several flagship initiatives:
- Prospect Lithium Zimbabwe: This joint venture swiftly developed a world-class lithium mine and processing plant in Goromonzi within nine months, demonstrating Zimbabwe’s efficiency and readiness for large-scale projects.
- Huayou Cobalt: With a $300 million investment, Huayou established a petalite and tantalum processing plant, creating over 2,500 jobs and supporting local communities through corporate social responsibility programs.
- Sinomine Resource Group: Their $180 million acquisition of Bikita Minerals laid the groundwork for a $300 million spodumene processing plant in Masvingo, commissioned in late 2023.
- Max Mind: At Sabi Star Mine, Max Mind invested $130 million in a lithium flotation plant, projected to generate over $1 billion in annual revenue, underscoring Zimbabwe’s lithium potential on the global stage.
Revitalizing Zimbabwe’s Mining Legacy and Building for the Future
Beyond greenfield projects, Zimbabwe is reinvigorating its historical mining sites. Rushwaya highlighted the reopening of the Kamativi lithium mine, by Kamativi Mining Company, which was previously a tin operation. With an initial investment of $100 million, the project has created over 1,000 jobs and showcases Zimbabwe’s capacity to rejuvenate legacy assets.
Looking to the future, Rushwaya pointed to the $1.5 billion Dinson Iron and Steel Company project in Manhize. Set to last 200 years, the project aims to produce 5 billion tonnes of steel annually, positioning Zimbabwe as one of Africa’s largest steel producers. Additionally, the initiative will spur the development of Manhize Town and a new Science University, cementing the project’s economic and educational impact for generations.
Beyond Lithium: Zimbabwe’s Diverse Mineral Wealth
While lithium stands out, Zimbabwe’s mineral resources span much further. The country’s record-breaking gold production reached an all-time high of 37.3 tonnes in 2022. In addition, Zimbabwe’s vast chrome, diamond, and platinum group metal reserves offer expansive opportunities for diversified mining investment.
“Progress is also evident in Zimbabwe’s coal and coke production sectors,” Rushwaya said.