UK-Africa Business Group eyes renewed investments in Zim's mining sector

Staff Reporter

Zimbabwe is witnessing promising advancements in foreign investments, particularly from the UK, in a notable stride towards economic revitalization.

This development comes as part of the nation's re-engagement efforts, which recently saw the UK-Africa Business Group express interest in reinvesting in the country’s burgeoning mining sector.

During yesterday’s media briefing in Harare, the Minister of Foreign Affairs and International Trade, Ambassador Frederick Shava, shared insights from his meeting with the Executive Chairperson of Cluff Natural Resources Plc, Algy Cluff.

According to the Minister, his discussions with Cluff highlighted a robust intent by the UK-based business group to forge substantial partnerships in Zimbabwe, an initiative sparked by earlier dialogues held in London.

"Mr. Cluff, his wife and colleagues came from the UK. This visit is a direct follow-up to the meetings that President Mnangagwa held in London during the inauguration of King Charles III. The President met with British business people, including the Westminster Parliamentary Group, of which Mr. Cluff is a member. The President encouraged him to re-establish his business ties with Zimbabwe, hence his presence here today," Ambassador Shava detailed.

The Minister said that the focus of the renewed investment is particularly on the lithium mining project at Sandawana, in partnership with the Mutapa Investment Fund.

Minister Shava said that this initiative is part of broader explorations by the UK-Africa Business Group as they seek other potential opportunities within Zimbabwe.

Cluff, reflecting on his return to Zimbabwe, expressed enthusiasm about the prospects of this new venture.

"I am very pleased to be back here in Zimbabwe, having been the first investor in the mining sector post-independence in 1980. We have returned at the invitation of the President and are contemplating substantial investments in industrial minerals," he said.

Cluff emphasised the potential long-term benefits of their projects.

"The project we have done our due diligence into and are anxious to start work on will produce a substantial cash flow for the country for 30 or 40 years if it is as large as we believe it to be,” said Cluff.

Economist Getrude Mlilo said that these developments align closely with the country’s broader foreign policy objectives under the National Development Strategy One, which aims to strengthen economic ties and promote development through re-engagement and reaffirmation of international relationships.

“This strategic vision seeks to harness the potential of foreign investments to fuel the nation's economic growth and stability, marking a pivotal moment in Zimbabwe’s journey towards prosperity,” said Mlilo.

As these discussions translate into tangible investments, the future of Zimbabwe's mining sector looks increasingly promising, offering a beacon of hope for economic renewal and sustained growth.