Australian mining firm eyes Zimbabwean oil deposits
Publish date: 05 November 2018
Issue Number: 798
Diary: IBA Legalbrief Africa
President Emmerson Mnangagwa has announced the discovery of potential oil and gas deposits in the north of Zimbabwe. Australian mining firm Invictus Energy, in partnership with the government, is to determine whether commercial drilling is feasible. Mnangagwa said an exploration well would be sunk by Invictus in Muzarabani district within two years. BBC News reports that Mines Minister Winston Chitando said the well, situated about 240km north of Harare, would be sunk at a cost of $20m. Zimbabwe is rich in platinum and diamonds but little of that wealth has trickled down to ordinary Zimbabweans. This comes down to a combination of corruption and poor policies, which saw minerals leave the country in a raw form.