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US$8 billion Chinese investment in Zimbabwe

Chief secretary in the
Zimbabwean presidency
Misheck Sibanda
(front left)
Harare, Zimbabwe — MININGREVIEW.COM — 20 November 2009 – Mining will be a major beneficiary of an US$8 billion (R60 billion) accord the government of Zimbabwe and a Chinese joint venture have signed.

Reporting from the Zimbabwe capital, The Herald newspaper said that the agreement would result in investment in the southern African country’s mining, energy and housing industries.

It revealed that China Sonangol “’ the Chinese-Angolan venture involved “’ was considering investment in gold and platinum refining, as well as oil and gas exploration, fuel procurement and distribution, and housing development. It quoted chief secretary in the presidency Misheck Sibanda, who said that the transaction was the largest since Zimbabwe had formed its power-sharing government in February.

A significant proportion of the US$8 billion 60 billion) is already being held by domestic financial institutions involved in the deals, the newspaper added.