Funders cagey about the involvement of the Zimbabwe Defence Industry, once subject to US sanctions
Zimbabwe has the world’s third-largest reserves of platinum, palladium and related metals after SA and Russia. Picture: REUTERS
Zimbabwe has the world’s third-largest reserves of platinum, palladium and related metals such as rhodium — which typically occur together — after SA and Russia. President Emmerson Mnangagwa is trying to lure investment to the country to help rebuild the economy, devastated during the 37-year rule of Robert Mugabe.
The PIC said while it does not comment on proposals or potential transactions it is “comfortable” with Afreximbank’s governance. Afreximbank is partly owned by African governments. Zimbabwe’s defence ministry, ZDI and Vi Holding did not respond to phone and e-mail requests for comment. This would not be the first time military involvement thwarted a mining project. In 2000, Oryx Diamonds scrapped plans to trade in London after its adviser withdrew support under pressure from the UK government. Oryx had planned a diamond mine in the Democratic Republic of Congo with investors that included another Zimbabwe military company at a time when Mugabe’s forces were fighting in the DRC.
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