Zimbabwe mining indaba for Cape Town

FINANCE minister Patrick Chinamasa and his Mines counterpart, Winston Chitando, are headed to South Africa for a mines indaba set for Tuesday in Cape Town, as the country is aggressively searching for foreign direct investment.

The government has partnered African Chrome Fields (ACF), who will sponsor a breakfast event taking place on Tuesday running simultaneously with the indaba.

ACF said the purpose of the event was to promote the Zimbabwean government's stated intention to declare the country open for business and encourage trade and investment into the country.

Chitando and Chinamasa will address a Zimbabwe is open for business, mining in Zimbabwe dialogue.

The annual event comes at a time the government has revised the Indigenisation Act, which required foreign investors to cede 51% of shareholding in companies to locals.

The revision now only restricts the 51% local ownership to diamond and platinum mining.

ACF national project director and Moti Group chief executive officer, Ashruf Kaka will provide a first-hand account of positive experiences of a corporation investing in Zimbabwe.

"There can be no better time than now to invest in Zimbabwe and we are hosting this event to promote the recently unlocked and vast opportunities for investment in Zimbabwe," Kaka said.