SOME $300m in investment has been pumped into Zimbabwe’s coal sector in an effort to quadruple production compared to its 2017 numbers, said Reuters citing comments by the country’s mines minister, Winston Chitando.
Speaking at an investment conference in London, Chitando said coal output in the southern African country would reach more than eight million tonnes next year compared with about two million in 2017.
The country, which says its abundant mineral resources include more than 40 exploitable minerals, is seeking to lure foreign investment to reboot its economy after a coup that pushed out veteran leader Robert Mugabe last year, said Reuters.
As terms for foreign investors get tougher in some African jurisdictions, notably Democratic Republic of Congo, many investors welcome Zimbabwe’s promise of a stable environment and regulatory certainty as well as a crackdown on corruption, the newswire said.
For anyone investing more than $100m, Chitando said there would be a special mining license, meaning particularly favorable conditions, such as negotiating royalties, it said.
