|
RioZim woos foreign investors in London
MINING GROUP RioZim Limited is courting unnamed foreign investors in London to revive its $1.6 billion thermal generation project started in the late 1990s in the wake of disruptive power cuts that have hit the industry.
Power outages have dimmed prospects of the long sought after recovery in the mining sector, a significant contributor to both Zimbabwe's depleted foreign currency earnings and the gross domestic product.
The power outages, cutting across domestic and industrial users, come as the mining industry is pressing hard for a viable exchange rate to free itself from the worsening operating conditions.
RioZim, which has full control over coal-rich Sengwa Mine, had actively pursued the thermal generation project in the 1990s after having secured Britain's National Power as the lead investor, but shelved it citing unfavourable market conditions.
|
