INTERNATIONAL mining and exploration company, African Precious Metals Ltd (APML) has struck a deal to finance mining investment projects with local mining company, Exporein Mining.
Under the deal APML will assist Exporien to develop projects
in its portfolio and to raise financing for projects.
Exporien chief executive Sam Chikowore told businessdigest that he believes that the partnership forged between APML and Exporien will result in very significant exploration in Zimbabwe.
“It will also give the impetus to other mining investors from the west and the world over to come and invest in the country, showing a restoration of confidence in the sector which has suffered greatly due to a lack of exploration funds,” Chikowore said.
Chikowore said APML was planning to raise US$20 million to fund the exploration of key minerals.
The mining sector accounts for 4% of gross domestic product, 5% employment and 43% of foreign currency earnings.
Exporien holds a number of Exclusive Prospecting Orders (EPOs) for diamond, platinum and chrome prospects in several mineral-rich regions in Zimbabwe.
Apart from Zimbabwe, APML also has mining interests in South Africa and Ghana.
“I firmly believe that the partnership forged between APML and Exporien will result in useful exploration in Zimbabwe,” said Chikowore.
He said the principals of APML had considerable experience in raising funds from individuals and institutional investors for exploration and development projects in southern Africa.
The country’s mining sector expects more foreign investment despite proposed mining laws that will require 51% local ownership of all foreign mines.
The partnership is also expected to give impetus to other mining investors from the west and the world over to come and invest in the country.