ZIDA gets US$7 billion mining investment deal

THE Zimbabwe Investment and Development Agency (ZIDA) has received a mining investment deal worth a projected US$6,94 billion from Ajako United (Pvt) Ltd for mining, processing and trading of minerals.

In a major boost for the sector, ZIDA also received another investment deal worth a projected US$1,4 billion for mining and processing of gold by Innermost Resources Zimbabwe (Pvt) Ltd.

The two mining investments are expected to increase Zimbabwe’s gold production from the current 200 tonnes to 300 tonnes per year by 2025.

ZIDA revealed this in its 2023 Quarter Four report which also revealed that the mining sector had attracted the most interest with 63 licences having been issued.

The investment agency said in the fourth quarter, the mining sector accounted for 76 percent of all licences that were issued.

“The mining sector continued to draw the most investment, both in terms of number and projected investment value.

“In Q4 2023, 76 percent of the projected investment value for all licences were issued in the mining sector. The two largest investments being, Ajako United (Pvt) Ltd with a project investment value of US$6,94 billion for mining, processing and trading of gold and other minerals including lithium, manganese and copper from its base in Harare and Innermost Resources Zimbabwe (Pvt) Ltd, US$1,4 billion towards mining and processing of gold in Penhalonga, Turk Mine and Kwekwe.

“The projects are expected to eventually contribute to increasing the country’s gold production from the current 200 tonnes to 300 tonnes per year by 2025,” read the report.

Zimbabwe also managed to attract increased numbers of foreign investors, in line with the Second Republic’s Zimbabwe is Open for Business thrust.

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