CHINESE mining giant, China Jiangxi Corporation for International Economic and Technical Cooperation (CJIC) is to form a joint venture company with the Zimbabwe Mining Development Corporation (ZMDC) to mine chrome in Zimbabwe.
Documents as hand show that CJIC has undertaken to bankroll the development of two chrome mines.
The chrome claims are the 1 002-hectare RA666 claim in the Midlands and the 1 325-hectare Dande claims in the ZambeziValley.
Both claims are owned by the state run ZMDC, which has been made to make an undertaking not to disclose CJIC’s involvement in Zimbabwe’s mining industry at this time.
The deal was sealed in May, according to our sources.
No figures or timeframes have been disclosed.
“The ZMDC is presently the owner of and/or has access to certain chrome claims called RA666 and Dande Claims,” the agreement reads.
“CJIC desires to have access to the chrome claims and enter into discussions with the ZMDC regarding mining investment and development concerning the said claims and any possible subsequent arrangements/ transactions or agreements that may be entered into by and between the parties hereto. The agreement shall be governed by the laws of the Republic of Zimbabwe.”
The two companies undertook to develop, exploit and export the chrome jointly but it was not possible to establish how the financial benefits of the deal would accrue to the ZMDC and the Chinese.
Sources close to the deal said CJIC would use its leverage to market at highly competitive prices the chrome in China and other Asian countries where it commands considerable influence thereby helping in bringing foreign currency into Zimbabwe.
China has registered a robust demand for most minerals like nickel, copper, platinum and chrome to feed into its growing industrial base especially the automotive industry.
High demand for copper in the Chinese market has resuscitated Zambia’s copper mining industry that was once the backbone of the southern African country’s economy but was killed by a slump in international prices in the late 1990s.
Hanzi, Pahushamwari hwedu, Isu neEast hedu, West haitipe maSanctions.
Hatisi kuonawo here kurozvwa kwatiri kuitwa neEast?
The East has flooded the world with cheap and unreliable products, Zhing Zhong is now also found in Zharare, kuZhimbabwe!
Kashi-kashi, hauzhizhiwe?
Omuhle • n/a Subject: FDI? Thu, 07 Aug 2008 13:40:08 • In conceding that this is foreign investment you go on to say that what is wrong with having rich Zimbabweans? I again point out that the wealth is not going to Zimbabweans. It is going to foreign firms and individuals (Sir, do you even know who Mzee Khumalo is and what his nationality is?) There will be no rich Zimbabweans at all. These resources are going for a song. Not at their true value. Can you tell me how we can still have shortages of basics in the country yet we hear of these foreign investments and so and so bought such and such in Zimbabwe? This money is not getting to state coffers or else we would have enough to fend off the starving 45% of the population. Is anyone accounting for all these sales? We only hear of the purchases done by the Chinese, never for how much or what the terms of these purchases are. Did they pay cash, where did it go, how much did they pay, what is it been used for. You seem to believe that foreign investment naturally transfers into a better life for our people. Well, a rude awakening is in the pipeworks for you. Our people shouldn't be content with a transfer from working for Anglo America at Shangani mine for half their lives to begin working for Cheng-du for the other half. There is no advancement in that. It's simply from a rock to a hard place.
N/A • N/A Subject: FDI Thu, 07 Aug 2008 10:13:13 • Omuhle seems to think that Foreign Direct investment can only be deem FDI if its coming from Britain and America.What is wrong about having Zimbabweans who are rich. We are tired of seeing to many buildings in Harare with names like johns etc. Why not Stanslavik, Cheng du, Madyirapazhe, Gogwe etc. FDI should come from diverse sources so that we dont get held to ransom.Umntwentwe uhlabu samila. These are the early stages of changes in Zim, and the Chinese are right to come at this stage to help catalyse our change. Good buy to Anglo/American domination. Welcome to friends from the east-vachenjeri vekumabvazuva.
Isaac Bwoni • ibwoni@gmail.com Subject: BETTER Wed, 06 Aug 2008 18:38:56 • China sounds better than Britain. At least they have not shown racism against us in our own country. Plus, these investments are coming after we have been taught lessons by Britain and the USA, not taking anything from these two leaders of the world.
N/A • N/A Subject: China investments Wed, 06 Aug 2008 15:38:12 • These are the kind of investments that Zim is looking for. Those who have imposed sanctions on Zim and made the economy scream and THE PEOPLE SUFFER should not be given the opportunity to invest in Zim. Zim is about to take off Let the good times roll. Zims you are your own liberators and these win-win investments with countries from the friendly East are the way forward.
Omuhle • n/a Subject: n/a Wed, 06 Aug 2008 14:45:12 • In the coming weeks and months you will read of a scramble for assets in Zimbabwe and surprise, surprise most of these will be going to foreigners like the Chinese, the South Africans, Libyans, Malaysians and Russians. I wrote a comment some time ago about how we are bartering our resources to the Chinese and Russians in exchange for their help in using their vetoe in the Security Council to keep Zimbabwe off the table of discussion and fend off sanctions. I also raised the question that are we getting top dollar for these resources and who is the overall beneficiary of these transactions. We will wake up one day to see foreign multimillionaires while our people slave away at 8 to 5 jobs and content themselves with cheap fuel, well-stocked supermarkets and so on. If people care to read into the beginning of the likes of Abramovich and other Russian oligarchs who came from no where to become some of the welathiest men in the world. They got their mooney in the chaos surrounding the breakup of the Soviet Union. Atleast lucky for the Russians in that their wealth went to fellow Russians. Can we say the same for Zimbabwe. Only time will tell. It is the responsibility of those with the means, such as TalkZimbabwe/Itayi and other media houses to highlight this because in a few years time we will notice it on the street and people will aks how did this happen overnight. The media can reach alot more people than word of mouth. Highlight the purchases done by Mzee Khumalo of SA, expose who the majority shareholder of First Mutual Assurances is right now. Explain the Namibian deal with ZESA and indeed who underwrote the deal to refurbish Hwange power station. Alot of money is changin hands in Zimbabwe but those receiving it are not the true recipients.
SUBMITYOUROPINION
Please make sure you fill in all sections for your post to be submitted. Use n/a if not submitting details. The submission code below is case-sensitive. Also make sure you get confirmation that your comment has been submitted.
