Chinese investors expected to attend Zimbabwe mining forum

08:19, September 14, 2010      

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Chinese investors operating in Zambia's Copperbelt and Botswana's diamond sector are expected to attend this week's mining conference in Harare, Deputy Mines Minister Gift Chimanikire said on Monday.

The Zimbabwean government extended an invitation to the investors during President Robert Mugabe's visit to Shanghai, China last month and an agreement was reached that investors operating in the two neighboring countries would attend, Chimanikire told Xinhua.

"The investors (Chinese) will interlink with our players in the mining sector on a one on one basis," he said. "Talks will mostly center on equipment provision and partnering."

The mining conference, in its second year running, will be held under the theme, "Building a Sustainable Mining Industry in Zimbabwe -- Prospects and Challenges" on Sept. 15-17.

The annual conference has become the premier platform for mining companies and investors to discover opportunities and seal new deals in the country's mining industry.

This year's conference, set to host over 300 potential investors and mining experts, will focus on recapitalization of the sector, regulatory framework as well as key trends and developments in the local mining industry.

Foreign investors to the conference are said to be keen to follow the Indigenization and Economic Empowerment Act regulations, including the establishment of the sector specific shareholding structure and timeframes for compliance.

The act was promulgated in 2007, but came into force on March 1. The law compels foreign-owned companies with a net asset value of 500,000 U.S. dollars to shed 51 percent of their shareholding to indigenous Zimbabweans within five years.

However, the government has established committees that are looking at suitable shareholding thresholds for each sector and the timeframes for compliance.

Source: Xinhua


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