Africa Business

Zimbabwe welcomes investors in its key mining sector to reboot its economy

B2Gold Corp, the Canadian company that owns mines in Africa and the Philippines, is interested in acquiring gold assets in Zimbabwe.

The mid-tier gold producer, which has mines in Mali, Namibia and the Philippines, has held talks with the government and other officials in the southern African nation to see if they are ready to start with the plans.

B2Gold weighed buying an idled Zimbabwean gold mine two years ago, but wanted authorities to exempt it from a law that forces miners to sell all the metal to a unit of the country’s central bank.

Zimbabwe is looking at ways to attract strategic investments in its key mining sector to the economy.

Experts say forcing gold miners to sell the bulk of their bullion to the central bank unit, Fidelity Printers and Refiners, which then pays them back partly in dollars and partly in rapidly depreciating local currency, is unnerving to new investors.

B2Gold said it is considering buying operating assets in Zimbabwe and also enter into joint ventures and the company could also explore the potential for establishing a milling plant.

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