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What the Australian miners say: We have ed to market evidence of mining’s potential the two markets that really understand min-
a private company working there currently in his country. ing are Perth and Toronto,” he said. “Espe-
and are very happy with the business en- “If you look at the listed companies in cially for exploration, Perth is key. The geol-
vironment. There is lots of upside geologi- Zimbabwe, you find they have very strong ogy of Australia is similar to the geology of
cally and execution has been very positive returns and every Australian investor in Zim- Zimbabwe so Australian companies would
so far. It has some of the world’s largest babwe has come out smiling,” Chitando told understand it very easily. We would like to
copper deposits and we are very comfort- Paydirt. “Zimplats has a $2 billion market cap see investment across the sector but mostly
able there, so there is opportunity for sure. on the ASX while Aquarius Platinum had a in exploration because the country is under-
strong history of performance before it was explored.
Rankings: Zambia taken over [by Sibanye Stillwater Ltd in a “There are many Arcadia-style opportuni-
$US300 million deal in 2015]. That shows ties and junior miners are particularly wel-
Transparency International Corruption Index: World Bank Ease of doing business (2020): Fraser Institute Investment Attractive Index: in the country. What the Australian miners say: Geologi-
come, but do it quickly because we have a
the concerns are completely unfounded.”
117
N
85
Chitando said concerns were held largely
lot of interest.”
A
180
190
by people who had never visited or worked
cally it is very prospective, but it is difficult to
“However, if they come and look at our
get foreign investors to go there. I know one
operations they realise they are second-to-
mid-tier gold miner in particular loves it but
none,” he said. “Prospect Resources Ltd
can’t get investors to support it. The estab-
was recently successful in Zimbabwe, de-
lished miners there are very successful but
veloping a lithium project with capital from
the headwinds of establishing operations
Australia.”
ASX-listed junior Prospect spent five
knowledge, the people and the cooperation
years in Zimbabwe, defining and develop-
from both sides to be successful.
ing the Arcadia lithium project near Harare there are strong. You need to have the local
before selling it for $507 million to Chinese
group Zhejiang Huayou Cobalt. Rankings
Zimbabwe Prospect’s ability to advance Arcadia, us-
ing a largely local workforce, was evidence 157 140 84
Where Nigeria and Sudan are battling of Zimbabwe’s capability, according to Ch- 180 190 84
political reputations as well as geological itando.
naivety, Zimbabwe can at least boast less of “In any mining jurisdiction, you need three
the latter. things; geology, skills and capital. Zimbabwe
The Southern African country became an has an abundance of No.1 and No.2, what Transparency International Corruption Index: World Bank Ease of doing business (2020): Fraser Institute Investment Attractive Index:
international pariah state in the final decade we lack is the capital to develop that geol-
of former President Robert Mugabe’s rule ogy,” he said.
and while that perception has lingered, it re- Since his appointment in 2018, Chitando
mains a major producer of PGMs, chrome has been tasked with finding that capital and
and gold. he has chosen Australia as a preferred in-
Zimbabwean Minister of Mines and Min- vestment pool.
ing Development, Winston Chitando, point- “We’re here because in Australia because
Minister for Mines & Mining Development,
Republic of Zimbabwe, Winston Chitando

Page 24 OCTOBeR 2022 aUSTRaLIa’S PaYDIRT