News24

Chinese investor to rescue Zim's mine

2012-04-02 12:26

Harare - A Chinese mining group will invest $21.2m to restart a Zimbabwean nickel mine that closed during the country's political turmoil, the mine's owners announced on Monday.

The investment from the China International Mining Group Corporation will help to restart mining at the Bindura Nickel Corporation's Trojan mine after it closed in 2008, Bindura's majority-shareholder Mwana Africa said in a statement.

"I am delighted to welcome CIMGC's substantial investment into Mwana Africa, which, allied with the additional money we are looking to raise today, should enable us to restart our nickel mine in Zimbabwe," said Mwana Africa chief executive Kalaa Mpinga.

The Trojan mine in northeast Zimbabwe can treat 1.1 million tons of nickel a year.

Zimbabwe has been courting Chinese investment for the past decade under President Robert Mugabe's "Look East" policy, launched as Western nations slapped sanctions on people and companies tied to his government due to a series of violently flawed elections.

China has invested heavily in everything from agriculture to mining.

Zimbabwe's economy is slowly recovering after a 10-year collapse, aided by a unity government between long-ruling Mugabe and his rival, Prime Minister Morgan Tsvangirai.

The unity government abandoned the local currency, left worthless by world-record hyperinflation, and lifted controls that had strangled trade and investment.

Comments
  • Max - 2012-04-02 12:41

    They are stealing the mine from the Zimbabwean people with the blessing of their bribed leaders. You go Zimbos!

      Jacob - 2012-04-02 14:51

      The gooks/slants are taking over Africa! South Africa will head the same way as Zim. China is on its way to rape & pillage the environment, resources and wildlife, oh and bribe our morally corrupt government....

  • CharlesDumbwin - 2012-04-02 12:53

    Mugabe and his moronic regime are too stupid to see how they are being pillaged here. Look who will own Zim in 10 years time...

      Peter - 2012-04-02 14:39

      You are WRONG!! NOT in 10 years time, in 3 years time, When bob pops off, the scramble for leadership will be won by the minister with the largest chinese backing! IN RETURN for unfettered rights to whatever they turn their hands to next!! Woe the beloved country!!!!

  • mlucejko - 2012-04-02 12:56

    Well done Zim !! More jobs for Chinese workers !! And the local population can sit and watch !!

  • Barry - 2012-04-02 12:57

    What a bunch of idiots! They kick out and take away from the so called white imperialists and while doing so run their country in to the ground so they can give everything to the Chinese..... waaahhhhaaaaaaaaa.... now thats a funny story. Go Robert you lekker ding. ha ha ha ha!

      Jack - 2012-04-02 13:45

      If you'd read the article properly, you would have realised that the owner of that mine is a Congolese gentleman who has invited the Chinese to in invest into his mine.. Nothing to do with Zim government. Are you a product of the poor RSA education system?

      thabane.dladla - 2012-04-02 13:52

      Ey Jack stop being narrow minded ! Wht got to do wth SA education?even though is a congolese but the mine is in Zim soil u idoit!!

      Barry - 2012-04-02 13:54

      Sorry you took that personally Jack... you an ex Zim enjoying the imperialist life style in the UK are you? If you care to comment make sure you living in Africa not hiding in the UK... Oh yes and has Robert not Nationalised all mines?? So thats owned by who again?? Enjoy Jack. From PROUDLY SOUTH AFRCIAN!

      Jack - 2012-04-02 14:03

      @Barry... Proudly South African Ignorance...???

      Barry - 2012-04-02 14:12

      Jack - I almost fell of my chair laughing... IGNORANCE? Really... you looking in the wrong place Jack. Try looking in the mirror..

      Jack - 2012-04-02 14:34

      @@Barry.. Ignorance is such bliss...Enjoy the good sunshine, while it lasts..

  • Keith - 2012-04-02 14:54

    From honestly speaking people who are still supporting this puppet called by the name of Robert Mugabe should all be sanctioned under the mental health act law, Harare is the capital city in Zimbabwe but if it was in south Africa it will fit to be called a rural area or a village thanks to that old and ugly wrinkled called by the name of mugarbage.

  • barry.dogg.fritz - 2012-04-02 19:31

    what do the chinese not have their fingers in

  • Kagiso - 2012-04-02 23:21

    it should have read 'Chinese investor to milk Zim's mine.'

  • Diaan - 2012-04-03 09:55

    I just wonder why Mad Bob hasnt changed the Zim anthem to the titanic theme long ago ???

  • Tash - 2012-05-06 22:11

    I am zimbabwean, and one thing this article forgot to mention is the amount of land that is needed for these Chinese structures and of course who already owns the land. The residents of Zimbabwe, so take a guess who is being subtly forced out of their homes?!

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