Mining Commitments Hit $6bn in Zimbabwe Since Arrival of New Government

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While Zimbabwe’s leadership change has sparked a race for the nation’s mineral riches among entrepreneurs and tiny explorers, big-name mining companies are taking a wait-and-see approach.

The government says mining commitments have reached as much as $6bn since Mnangagwa’s appointment, including a record $4.2bn pledge from a company linked to mining entrepreneur Loucas Pouroulis for a platinum mine and associated infrastructure.

President Emmerson Mnangagwa has a lot to prove as he seeks to revive the economy and attract mining investment that shrivelled under his predecessor, Robert Mugabe.

So far, Mnangagwa has pledged investor-friendly policy changes and partially rolled back a law requiring mining companies to be locally owned.

It seems to be working, at least in some quarters.

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