AN Indian company Shyam Group has entered into the fierce competition for Zimbabwe’s mining resources.
Many foreign investors have kept their confidence in Zimbabwe inspite of the economic crisis.
The Shyam Group is one of India’s largest companies with operations in the eastern part of that country in cities like Lumshong, Bengal, Sambalpur, Chhattisgarh, Darjeeling and others.
Shyam’s investment interests are in steel manufacturing, mining, cement production, infrastructure, shipping, power generation, Ferro Alloys production and engineering.
The company is one of the major investors in India and is currently exploiting the Orissa Coal Block in that country where an annual output of 20 million metric tonnes has been registered.
Mining industry sources this week said the industrial giant had placed Zimbabwe at the heart of its investment plans in southern Africa and has registered Shyam Africa Group to lead it interests in Mozambique, South Africa and Zimbabwe.
The Zimbabwe Guardian understands that African headquarters of the group could be established in Zimbabwe.
Major minerals to be exploited would be chrome, coal manganese and others.
“We are looking at potential joint venture,” a representative said in Harare last week. “This is a serious investor that is ready to conclude major deals in southern Africa in short space of time. You should watch out for major announcements in Zimbabwe,” he said.
Last week, the group placed advertisements in Zimbabwe and South Africa.
Zimbabwe has attracted international attention following the disputed presidential run off elections in June.
Western countries have attacked Anglo American Corporation for pressing ahead with the planned US$400 million investment in the country’s mining industry arguing the country had turned into a pariah state not feet for international investors.
But despite the discouragements a growing number of large investors have said they would pour in Foreign Direct Investment.
Chinese mining firm, China Jiangxi Corporation for International Economic and Technical Cooperation (CJIC) had taken a keen interest in exploiting Zimbabwe’s chrome resources.
The chrome claims are the 1 002-hectare RA666 claim believed to be in the Midlands and the 1 325-hectare Dande claims in the Zambezi Valley.
Both claims are owned by the state run Zimbabwe Mining Development Corporation (ZMDC), which has been made to making an undertaking not to disclose CJIC’s involvement in Zimbabwe’s mining industry.
