China pumps money into Zim
2008-08-06 16:53
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Zimbabwe's President Robert Mugabe says some white farmers will be spared under his controversial land reforms.
Zimbabwe's coalition government still has many challenges to face.
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.
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