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COMING UP:Share Opener Variant 4

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Transcript

00:00:00
>> It's less than a week until Zimbabwe's election, but incumbent President Emmerson Mnangagwa still has time to go to this ceremony. And that's because this is the groundbreaking for a $4.2 billion mining venture, seen by Mnangagwa as a flagship investment that underscores Zimbabwe's readiness to open up to foreign investors.
00:00:22
>> This project who's commencement, we've gathered here to witness, is a landmark and it's implementation is said to change the mining landscape in our country.>> The project is being developed by Karo Mining, which is chaired by investor Lucas Perulas and 27% owned by the London-listed mining company he founded, Tharisa.
00:00:48
When completed will be the largest integrated platinum mining and refinery operation in a country where, according to Mnangagwa, mining is the number one foreign currency earner.
00:00:59
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00:01:00
He's been trying to woo foreign investors ahead of Monday's election, seeing that as key to easing currency shortages caused by a lack of foreign investment under his predecessor, Robert Mugabe. Mnangagwa says he's secured $15 billion of foreign investment since coming to power following last year's de facto military coup.
00:01:18
But analysts who reviewed those agreements say they are mostly non-binding commitments. In May General Electric announced it would look at healthcare power and transport in Zimbabwe, and Coca-Cola said it planned to make the country an export hub for juice and other products. But most big companies are waiting until after the election before deciding whether or not to dig in.
00:01:39
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