Zimbabwean govt courts Chinese investors for pgm sector 18th March 2005

The Zimbabwean government is seeking to boost the level of Chinese investment in the domestic platinum industry according to new reports.

The Financial Gazette claims that a "senior official in the mines ministry" has indicated that greater emphasis will be placed on opening the market up to Asian investors in a bid to drive up the number of projects.

The government official told the paper that further efforts would be made to build on existing partnerships, such as the deal struck between Chinese investors and the Zimbabwe Mining Development Corporation (ZMDC).

"We just believe the Chinese can bring certain expertise that will help our platinum industry to grow at a quicker pace," he said.

"The response has not been negative from the miners so far," he added.

Major platinum miners in the country such as Implats and Zimplats are understood to be receptive to the idea, but have stressed that they would need to see concrete details before making any firm commitment.

The domestic pgm industry has had a number of run-ins with the government recently, as state intervention in the sector has grown and the economic conditions in Zimbabwe have continued to worsen.track


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