Zimbabwe gears up to compete with ailing SA mining sector for investment
Zimbabwe, which has 60 known minerals and is Africa's largest lithium producer, may pull the rug from under South Africa's feet as it moves to position itself as an attractive mining destination. Mining executives from South Africa said this week they expected "fierce competition" from their neighbour up north as the battle for mining supremacy in Southern Africa hots up. Until now, South Africa - the world's largest platinum producer accounting for 80% of production - has been the global source of other minerals such as gold and diamonds. But over the past five years it has felt the heat, and has been reeling from company closures, job losses, production slumps, a weak global platinum price and, recently, tougher mining legislation in the third Mining Charter. Highlighting the dire straits of the mining sector is the R5.17-billion deal announced in December by Sibanye to buy struggling platinum miner Lonmin. All of these headwinds faced by South Africa's mining industry present an ...
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