Zimbabwe's Mining growth and potential, the need for recapitalisation. Investment in support infrastructure.

1. Roy Pitchford CEO Country Factor

3. GEOLOGICAL – PRODUCTION DATA FROM 1910

4. AT ITS PEAK, MINING IN ZIMBABWE PROVIDED

5. 7% of GDP

6. 50% of foreign currency earnings

7. Direct employment to 60,000

9. Diamonds

10. Gold

11. Platinum

13. Phosphates

14. Asbestos

15. Black Granite

16. Coal Bed Methane

18. Multiple foreign currencies in use – legally

19. No foreign currency surrender requirements

20. Market liberalised

21. Competitive taxation regime

22. NEGATIVE ISSUES INCLUDE;

23. Skills loss

24. Property and mineral rights

25. Unrealistic indigenisation objectives

27. Low ash

28. Current production at 20% of capacity

29. World-wide demand increasing

31. Coking facilities require upgrading

32. Mining equipment investment needed

34. Early 80’s aeromagnetic survey anomalies need investigation

35. Several mining operations producing ~ 400,000 carats per annum

36. 2 million carats per annum production possible

39. Target of 50 tonnes by 2015

40. Output dropped to 3,5 tonnes per annum

41. RBZ exchange rate policies and non-payment for gold reduced exploration and development expenditure

42. Constraints now removed

43. Capital injection to existing mines and brown-field projects provide short-term gains

44. Modern exploration expected to lead to new discoveries

46. Resources relatively shallow - low cost of production

47. Three of the world’s four major producers present

48. Reasonable facilities for processing

49. Limited green-field exploration

50. Defined deposits available for development – held by the Government of Zimbabwe

51. Enhanced/increased beneficiation opportunities exist

52. Pgm and associated base metal prices robust

54. Measuring pgm resources to 1,000 metres in both countries, the ratio will be much less than 90 : 10

55. 70 years of pgm mining in RSA has depleted the shallower resources

56. Shallow resources reduce mining costs