Published by the government of Zimbabwe
Joseph Madzimure
30 June 2009
Harare — SOUTH Africa-based Indian banker Mr Ashok Sewnarain intends to invest more than US$1 million in gold mining in Zimbabwe.
Speaking on the sidelines of a meeting organised by the Ministry of Mines and Mining Development for Indian investors in Harare last week, Mr Ashok said Zimbabwe had the potential to resuscitate the economy in a short space of time, but needed financial backup from investors.
"The country has the resources in abundance but needs financial support from potential investors," he said.
Mr Ashok who is currently based in Durban in South Africa said he waould invest more than US$1 million in gold concessions in Zimbabwe through his bank BV International Bank Vaults.
"Zimbabwe has the potential to regain its status but there is need for capital injection to support production in various sectors. Mining, if properly funded, has the capacity to turn around the economy in a short time frame.
"We are willing to invest in Zimbabwe, but we only need the approval of our proposals from the Zimbabwean Government, soon after all the paper work has been approved, we are definitely going to start operations in Zimbabwe.
"As a financial institution, we have cash in abundance to invest in the country, but there is need for Zimbabwe to educate investors on the current (stable) political environment.
"There is need to come up with a friendly package to lure foreign investors," he said.
Permanent secretary in the Ministry of Mines and Mining Development Mr Thanks Musukutwa added that out of the 50 minerals that the country had only 10 were being utilised but not to capacity.
He said his ministry was ready to work with serious investors to boost mining.
Mining operations had been affected over the past decade by power cuts and shortage of foreign currency to purchase new equipment while maintaining ageing machinery.
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Would it matter if it was an Englishman or an American who was looking into investing into the mining sector in Zim?
He's an idiot if he does anyways... theres no guarantee's that his million wont just go into the back pockets of Mugabe anyways...