Anglo to invest $400m in Zimbabwe

Anglo American is to make what is believed to be the largest foreign investment in Zimbabwe to date, the London-based Times reported on Wednesday.

This comes at a time when the British government has put pressure on companies to withdraw from the country.

“Anglo will invest $400-million to build a platinum mine in Zimbabwe,” the Times said.

According to the report, the British Foreign Office was investigating whether the company’s investment breached sanctions against Zimbabwe.

Anglo insisted that its involvement in the country was not in breach of the law.

“The decision, which was criticised roundly as likely to give succour—and possibly money—to the Mugabe regime, is in stark contrast to the policy of nearly all other main British corporations in Zimbabwe,” the paper said.

A spokesperson for Anglo was quoted as saying that the Unki platinum project was being developed “because we have responsibility to our employees, contractors and the local community”.

The mine plan has brought condemnation from the opposition Movement for Democratic Change, with its treasurer Roy Bennett saying: “Any company doing business in Zimbabwe is keeping that regime alive.” - Sapa