Commodity Online
HARARE: Zimbabwe, a nation with 100000 per cent inflation, is on way to reforming its main economic sources — mining sector. As part of this strategy, Zimbabwe has changed a lot of laws related to mining sector.

Following this several global mining companies, who used to shy away from investing in Zimbabwe, have now started showing interest in putting their money in this nation’s gold mines.

Zimbabwe, from its part, has now started inviting countries to invest in their gold mines. Recently, the government appealed to Chinese firms to invest in Zimbabwean mines, asking companies to ignore the country’s recent troubles.

Zimbabwe has asked the world for help for its devastated economy, and says it needs $10 billion to rebuild dilapidated infrastructure and ease a 90% unemployment rate.

Zimbabwe urged Chinese companies to invest in the country, which has deposits of platinum, gold and diamonds, among other minerals.

The government of Zimbabwe recognises the importance of the mining industry in its economic recovery programme and realises that the economic turnaround cannot be possible without foreign investment.

Beijing and Chinese companies have pledged tens of billions of dollars to Africa in loans and investments, mostly to secure raw materials for the world’s fastest-growing major economy.

China’s trade with the continent has jumped by an average 30% a year this decade, reaching nearly $107 billion in 2008.

Zimbabwe had secured $950-million in credit from China to help rebuild its economy, the biggest offer from a single country since a unity government was formed.