Harare, Zimbabwe — MININGREVIEW.COM — 19 March 2010 – The Industrial Development Corporation (IDC) – which has a total exposure of close to R20 billion rand in investment in mining operations across the African continent – is reported to be looking for coal mining opportunities in Zimbabwe, as offshore companies jostle for space ahead of the announcement of fresh mining legislation which may boost investor confidence in the country.
Revealing this in a report here, The Herald newspaper says Zimbabwe “’ whose coal is said to be of high quality “’.has received overwhelming inquiries from China, South Africa and India.
Meanwhile the IDC’s Mining and Beneficiation unit head Abel Malinga has been quoted in the South African media as saying that the organisation was currently exploring for coal mining opportunities in Zimbabwe. “It is among various investment destinations we are studying,” he said.
allAfrica.com quotes the Herald as reporting that the Indian government has been craving Zimbabwean coal since 2006, saying at the time that it sought to acquire mining interests in the country. India wants to import a total of 35 million tonnes of coal to cover domestic shortages.
The report adds that a number of South African investors have also shown interest, with African Rainbow Minerals having recently said it was considering a substantial investment in coal projects in Zimbabwe.
There are two major basins where the coal could be extracted “’ the Zambezi Basin in the north, which runs into neighbouring Zambia and Mozambique; and the Sabi-Limpopo Basin in the south, which runs into the Limpopo province of South Africa.