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Wallace Ruzvidzo Herald Reporter

Zimbabwe’s mining sector attracted new investments of over US$200 million from both foreign and domestic sources in the second quarter of this year, being the leading sector for new investment, as the Second Republic’s sound policies continue to create a conduce economic environment, Zimbabwe Investment and Development Agency chief executive Mr Tafadzwa Chinamo has said.

During the launch of ZIDA’s Mining Claims Matchmaking Platform, which will connect mining claim holders with potential investors he said that as a result of the surge in demand for mining investment opportunities in Zimbabwe, 62 new licenses were issued in the second quarter.

The investor interest in the mining sector moves closer to attaining the US$12 billion mining industry target by the end of this year.

Other sectors that attracted considerable investment in the second quarter include the construction sector which got US$60 million and the services sector, which attracted US$42 million in investments during the second quarter of the year.

Mr Chinamo said foreign direct investments and domestic direct investments into Zimbabwe have continued on an upward trajectory.

He said ZIDA continued making efforts to develop and implement effective investment promotion strategies for Zimbabwe.

“My team continues to strive to promote and facilitate both local and foreign investment in the country, therefore, increasing foreign direct investment and domestic direct investment. The mining sector attracted the most investment in second quarter, with 62 new licenses issued and a projected investment value of US$202,7 million.

“The construction sector was the second-largest recipient of investment, with 6 new licenses issued and a projected investment value of US$59,78 million. The services sector saw a significant increase in investment in Q2 2023, with 43 new licenses issued and a projected investment value of US$41,94 million,” he said.

Mr Chinamo said this year, ZIDA facilitated the development of the regulations for the Special Economic Zones and general investments, the Base Minerals Export Control Amendment which banned the export of unprocessed lithium to encourage local processing, and the lowering of the IMMT tax is expected to see a positive impact on the ease of doing business in Zimbabwe.

The Mining Claims Matchmaking Platform, Mr Chinamo said, was open to both local and international investors. The platform has been developed to connect mining claim holders with potential investors and will allow claim holders to register their claims and specify the type of assistance they are seeking, such as technical assistance, tributary partnership, joint venture partnership, debt funding, or a buyer for the mining claim.

ZIDA will then market the claims to potential investors on the platform.

“The platform is open to all mining claim holders in Zimbabwe, regardless of whether they are individuals, companies, or syndicates. To register on the platform, claim holders need to scan and upload their identification documents, claim registration certificate, valid inspection certificate, and site map, and make a payment of US$500 per claim.

“On the other hand, our platform allows investors to connect with holders of mining claims in Zimbabwe and express their interest in investing in them. The platform is open to both local and international investors.

“To access the platform, investors need to register and submit relevant information such as their contact details, investment objectives, and the type of mining claim they are interested in. Investors also need to pay a registration fee of US$1 000.”

Mr Chinamo said the platform was being supported by live customer relationship management, which has seen a considerable decrease in license processing durations.

“Once an investor’s registration has been approved, they will be able to view registered mining claims and express their interest. The investor will then be given further details to be able to contact and negotiate with the owner of the chosen claim on a one-on-one basis,” he said.

The campaign is supported by live customer relationship management.

Mr Chinamo said the software is used to manage all of ZIDA’s relationships and interactions with investors and potential investors, resulting in a significant reduction of the licence processing cycle from 21 days to seven days.