Chinese mining group, CIMGC is set to invest $21.2 million in a Zimbabwean mine.

Mine owners annouced today that  China International Mining Group Corporation, CIMGC will make the investment in efforts to restart a Zimbabwean nickel mine that was closed during the country’s political crises

A majority-shareholder, Mwana Africa said in a statement that the investment will help kickstart operations at Bindura Nickel Corporation’s Trojan mine after it closed in 2008.

“I am delighted to welcome CIMGC’s substantial investment into Mwana Africa, which, allied with the additional money we are looking to raise today, should enable us to restart our nickel mine in Zimbabwe,” said Mwana Africa chief executive Kalaa Mpinga.

The Trojan mine in northeast Zimbabwe can turn in about 1.1 million tonnes of nickel a year.

Zimbabwean President Robert Mugabe has been courting Chinese investments with his “Look East” policy after Western nations slammed sanctions on the country due to a series of violently flawed elections.

Zimbabwe’s economy is slowly recovering from a 10-year coma, aided by a coalition government between Mugabe and his rival Prime Minister Morgan Tsvangirai, after being strangled by trade and investment sanctions.

China has been heavily involved in investments in the country’s agriculture and mining sectors.

Photo : http://www.commercialpressuresonland.org

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