By Business Reporter –Thursday 20 February 2020
INVESTORS PORTAL – HARARE (Mining Index) – ZIMBABWE has potential to generate 300 megawatts of electricity from its Coal Bed Methane (CBM) reserves in Matebeleland North province, according to a Zimbabwe Investment and Development Agency (ZIDA) investor’s guide.
“Zimbabwe has an estimate of 40 cubic terra feet of Coal Bed Methane (CBM) gas in Hwange, Binga and Lupane (Matebeleland North province). “This provides an opportunity for generating 300 megawatts of electricity,” said the ZIDA guide.
This multi-billion dollar gas project, discovered in May 2014 is yet to be fully exploited, six years after discovery of gas.
From geological surveys conducted, Zimbabwe is believed to contain sufficient gas to supply the SADC region, further revealing that Zimbabwe’s gas reserves are projected to be more than reserves of all SADC countries combined.
However, some speculate that Matebeleland North has capacity to hold 4 000 gas wells, with each gas well estimated to produce at least two megawatts of electricity, culminating into 8 000 megawatts of power which could potentially feed into the national electricity grid.
Other notable mining projects cited by ZIDA include significant oil and gas prospects in the greater Muzarambani area in Mashonaland Central province.
The Muzarabani oil prospect lies in a 200 square kilometre radius, estimated to hold up to 1.3 billion Barrels of Oil Equivalent (BOE), one of the largest globally. The project is under Invictus Energy, an Australia Stock Exchange (ASX) listed company.
Zimbabwe has the second largest reserves of platinum in the world, holds the world’s second largest chromium reserves and is the fifth largest lithium global resource. The country is also exploring for rare earth metals which are in demand globally.
Vast investment opportunities are also abound in mining exploration, funding and tooling of small scale miners, recapitalisation of mining operations, smelting and processing of minerals to produce finished products, CBM, diamond cutting and polishing.
Joint ventures with Zimbabwe Mining Development Corporation (ZMDC) to revive some mines and open new ones are opportunities available to investors.
Nickel, chromium, lithium, diamonds, platinum and granite top the list of Zimbabwe’s mineral exports. ENDS// www.miningindex.co.zw
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