China pumps money into Zim
2008-08-06 16:53
Special Report
Zimbabwean prime minister Morgan Tsvangirai says there has been progress in talks between the country's two political parties.
Zimbabwean President Robert Mugabe says he doesn't expect the US sanctions on his country to be lifted soon.
Johannesburg - China has further strengthened its ties with Zimbabwe after Chinese mining giant China Jiangxi Corporation for International and Technical Cooperation (CJIC) announced plans to form a joint venture company with the Zimbabwe Mining Development Corporation (ZMDC) to mine chrome in Zimbabwe.
According to a report carried by The Zimbabwe Guardian on Wednesday, CJIC has agreed to bankroll the development of two chrome mines.
The mines are reportedly being developed at claims - one in the Midlands and the other in Zambezi Valley - both owned by ZMDC.
"The two companies undertook to develop, exploit and export the chrome jointly, but it was not possible to establish how the financial benefits of the deal would accrue to the ZMDC and the Chinese," said the report.
It quoted sources close to the deal as saying that CJIC would use its leverage to market the chrome at highly competitive prices in China and other Asian countries where it commands considerable influence.
This is expected to bring foreign currency into Zimbabwe.
- I-Net Bridge
- I-Net Bridge (Business)