BANGALORE: Panama Mining Industries, a mining major has announced that they would be investing `300 crore in mining activities in Zimbabwe, after the company was invited to develop coal and iron ore blocks in the mineral rich country.
Panama Corporation CEO, Vivek Raj met the Dy.Prime Minister of Zimbabwe in Bangalore to discuss developing coal and iron ore mines in Zimbabwe, where the premiere invited the Mangalore-based company to carry out operations there.
Speaking to Express, Vivek Raj said that currently, Zimbabwe was known to hold over 90% of the world’s platinum reserve and 80% of untapped gold along with a high percentage of coal and iron ore deposits.
“The money would be for long term infrastructure and machinery. We have raised the money through internal sources as well as raised money through venture capitalists from the US,” Raj said.
The company aims to mine about 1-2 million tonnes of ore in the first two years of operations, he said adding that within the next five years they would grow to about `1,500-1,800 crore of investments there.
“I want to bring all the ore mined by our company in Zimbabwe to India to ensure that we can meet the shortage here,” he said and noted that current coal shortage in India was around 855 tons.
When queried about the employment opportunities to be created through the signing of a memorandum of understanding, Raj stated that he believed in more machine driven industry rather than labour driven operations in Zimbabwe. “Though we are looking to provide employment, we will not go overboard with the same and would like more to depend on machinery,” he said.