While minnows pile in, big miners are still hesitant to commit to Zimbabwe
Nairobi/Harare — While Zimbabwe’s leadership change has sparked a race for the nation’s mineral riches among entrepreneurs and tiny explorers, big-name mining companies are taking a wait-and-see approach. President Emmerson Mnangagwa has a lot to prove as he seeks to revive the economy and attract mining investment that shrivelled under his predecessor, Robert Mugabe. So far, Mnangagwa has pledged investor-friendly policy changes and partially rolled back a law requiring mining companies to be locally owned. It seems to be working, at least in some quarters. The government says mining commitments have reached as much as $6bn since Mnangagwa’s appointment, including a record $4.2bn pledge from a company linked to mining entrepreneur Loucas Pouroulis for a platinum mine and associated infrastructure. Others looking to invest include industry veteran Andrew Groves and his business partner and former England cricketer, Phil Edmonds. SA’s Moti Group is preparing to double its investments...
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