200 investors for mining indaba

The two-day conference scheduled to start on September 16 is the first mining indaba since formation in February of an inclusive government made up of ZANU PF and the two MDC formations. Over 200 foreign delegates have registered, we expect the number to increase to 300 by the 16th when the conference starts. In fact we have been receiving phone calls from many investors who feel they have been left out, Mpofu said. On Tuesday I had several diplomats who came here saying they want to participate, he added.

At least 700 local and foreign delegates are expected at the conference whose focus is on reviving the mining sector in Zimbabwe and putting the country back on the map as an attractive mining destination. The conference would be officially opened by President Robert Mugabe, with Prime Minister Morgan Tsvangirai also addressing the indaba. A senior official described the people who have registered as high profile, confirming the appetite that the international community has on exploiting the countrys minerals.

Zimbabwe presents significant opportunities to all potential investors, Mpofu said, adding; There has never been a better time than now for investors to gain access to good mineral resources in the country. The ongoing reforms on the operating environment and good geology make Zimbabwes mining sector an attractive investment destination. Topical issues to be presented at the conference include the mining industry investment climate in Zimbabwe, the countrys strategy for the recovery of the mining industry, an overview of the mineral resources in Zimbabwe and mining legislation and indigenisation.

Government has withdrawn from Parliament a controversial Mines and Minerals Amendment Bill that analysts had warned could scuttle efforts to revive the mining sector.

The Bill was withdrawn to allow for consultations with stakeholders. The Bill, among other investor-unfriendly facets, sought to transfer a majority stake in international mining houses to locals, including giving the Zimbabwe government a free 25 percent stake. Under the draft law, foreign firms mining strategic minerals such as coal and coal-bed methane were required to cede 51 percent shareholding to government, with the state taking 25 percent of that for free.

Government was also entitled to take 25 percent shareholding in precious minerals such as gold, diamonds and platinum while 26 percent would go to locals. The changes to the Mines and Minerals Act were approved by the Cabinet in 2006, but never signed into law. Mining accounts for about 4 percent of Gross Domestic Product (GDP) and 16 percent of total annual foreign currency earnings to the country. Over the past decade most mines in the country shut down due to the countrys poor economic performance blamed on poor policies by Mugabes administration.