Advisory Board Portrait : Busisa MOYO

Today with Busisa Moyo, Group Chief Executive Officer, United Refineries Limited & Board Chairman, Zimbabwe Investment & Development Agency (ZIDA)

Zimbabwe is Africa’s leading producer of lithium and has large reserves of platinum and gold. As Managing Director of the Zimbabwe Investment and Development Agency (ZIDA), what is your assessment of the mining sector in Zimbabwe, its place in the global minerals market and its relations with foreign investors?  

I am the non-executive Chairman of Board of Directors of ZIDA. Zimbabwe is a well endowed with mineral resources and has over 70 commercially viable mineral resources at this point. Lithium is the latest mineral to be discovered in Zimbabwe and it occurs together with tantalum deposits which are also generating significant interest. Projected investments into the sector in the next 10 years will exceed USD10bn with 3 mines already having invested USD250m each just for extraction before lithium beneficiation and value addition.

In view of the major investments planned in the mining sector by companies such as Ajako United and Innermost Resources Zimbabwe, what are your strategies for ensuring the responsible exploitation of the country’s natural resources while maximizing the economic benefits for local communities?

Striking a balance is key. Firstly, all investors have to abide by the country’s environmental, safety and labor laws without exception. Secondly, corporations and investors are encouraged to invest in the communities in which they operate Prospect Lithium for example has built a school in Goromonzi east of Harare the Capital to assist a young and growing population to access quality education including computing and other up to date subjects that enhance the chances of these pupils from middle to low income households to access better chances of employment.

With the introduction of the new « ZiG » currency in Zimbabwe, what perspectives does this open up for national and international investors, and what measures are being taken to promote confidence and financial stability in the country?

The Zig (Ż) is a gold and resource backed currency introduced by the new central bank governor earlier this year to stabilize the monetary aspects of the economy and bring discipline to money supply growth and take Zimbabwe out of hyperinflation. The first 60 days of it’s introduction has seen inflation falling and prices stabilize but there is still work on the confidence building, wide acceptance and fungibility of the local currency.

Africa is a continent burgeoning with growth and opportunities. We must negotiate wisely for the benefit of future generations, be more conscious of sustainable and regenerative growth and create more inclusive economic growth to truly transform Africa.