It is reported that as the Chinese appetite for natural resources continues to grow, Zambia’s neighbor, Zimbabwe has joined hands with various Chinese investors and secured loans worth more than USD 700 million who are interested in the extracting and processing of minerals in that country.

Prince Mupazviriho permanent secretary of mines and mining development said while speaking in the aftermath of his recent visit to China that he and his delegation were overwhelmed by the enquiries from investors willing to invest in the country’s mining sector.

Mr Mupazviriho said that “We signed transactions estimated at between USD 700 million and USD 750 million with investors eager to do mineral extraction and beneficiation. Zimbabwe's vast mineral wealth could help invigorate the fragile economy.”

He did not, however divulge in which minerals the investors’ interest lay apart from stating that their interests were very vast. Zimbabwe is endowed with among other minerals, Gold, Diamond, coal, platinum and Copper among other minerals.

He said that the Chinese investors were also keen to extract alluvial diamonds in Zimbabwe, following the decision by the Kimberley Process and Certification Scheme to allow the Southern African country to market its gems without restrictions.

Chinese investment in the mining sector of Zimbabwe is largely focused on extraction of chrome and alluvial diamonds. China’s investment in Africa has rapidly grown in recent years with the Far East Asian nation investing in excess of more than US$10 billion on the continent in search of various minerals that include copper, gold, diamonds, coal and nickel.

(Filed by Mr Kapembwa Sinkamba SteelGuru Correspondent Zambia)