Invictus MD says Zimbabwe’s reforms are not just l...

Invictus MD says Zimbabwe’s reforms are not just lip service

Managing director of ASX-listed Invictus Energy Scott MacMillan says Zimbabwe is walking its talk on opening up the country for business.

Macmillan told the Petroleum Economist in an interview that there is a combination of “macro… and industry-specific reforms” for the change.

He said that the business climate is effectively changing for the better as reforms are “not just lip service”.

MacMillan cited the government’s recent decision to repeal the indigenisation law, which mandated at least 51pc local ownership of projects as the latest example of government commitment to creating a conducive business environment for foreign investors.

MacMillan said that Zimbabwe is changing for the better and can no longer be considered a pariah state.

Zimbabwe has seen foreign investors in mining flock into the country as its lithium prospects and other minerals look up.

International interests operational in Zimbabwe include UK based Galileo Resources which announced in April this year that it had started exploration works at the Kamativi lithium project and its gold asset in Bulawayo.

Virgin Island registered Premier African Minerals announced its positive Zulu Lithium exploration last month.

Chinese investors have several interests with a US$2.3 billion lithium processing park on the cards.

The United States which has been rabidly anti-Zimbabwe and driving the international community to avoid Zimbabwe recently invited Foreign Minister Shava to its summit with African states for the first time ever.

Invictus Energy is the power behind the Muzarabani oil and gas project and they started exploration drilling at its Mukuyu-1 prospect at the end of last month.

The venture which will cost $16m, is one of the largest oil and gas exploration prospects to be drilled globally in 2022, estimated at 20-trillion cubic feet and 845-million barrels of conventional gas condensate, or about 4.3-billion barrels of oil equivalent, the company said.

Invictus has said that Muzarabani oil and gas fields would start impacting on Zimbabwe’s economy in the short term

“The benefits I think will be great. We are having a power deficit in this country so if we are able to do a short-term gas-to-power project, there will be an immediate benefit in terms of power generation, it will be the start of a very big industry. We will drill a lot more wells, there will be opportunities for Zimbabweans", commentd Barry Meikle, Invictus Country Manager.