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BSGR eyes Zim mining sector

A COMPANY controlled by Benny Steinmetz, one of the world’s richest business people, is exploring investment opportunities in Zimbabwe’s mining sector, businessdigest has established.

Market sources say Benny Steimetz Group Resources (BSGR) has shown interest in Zimbabwe’s mining sector.
According to the sources, BSGR is targeting gold and coal sectors.
“BSGR are keen on a Zimbabwe investment, but they
want to stay away from platinum and diamonds,” the source said. “Gold and coal have been cited as key areas of investment. They want to invest in world-class greenfield projects.”
The company is said to have budgeted about US$100 to US$600 million for its Zimbabwe investment. BSGR officials have been in and out of Zimbabwe in the past three months, according to the sources.
Steinmetz is a successful international business personality who is ranked at number 293 in the Forbes list of richest people. He was reportedly worth at least US$3,6 billion in 2008. In spite of the world economic crisis last year,  Steinmetz group, also known as BSG Investments, had a wonderful year in terms of turnover and income.
BSGR is a diversified natural resource company active since 1998 with a global presence, mainly active in Africa and Commonwealth nations.
The company is fully owned by BSG and is focused on mining, energy, and engineering services in  partnership with several leading global mining and natural resource companies.
The company also has a presence in the diamond industry with  Steinmetz Diamond Group SDG. SDG was founded by Ruben Steinmetz, Benny’s father, in 1940. Since Steinmetz joined the group in 1978, it has expanded business to Mumbai, Namibia, Antwerp, Tel-Aviv, New York, Geneva, Chicago and Johannesburg. The SDG is one of the leading players in the world in the rough and large polished diamonds. The group exceeds US$ 1,5 billion a year in turnover.
The company this week denied any connection with
Core Mining and Minerals, Canadile Miners and its shareholders.
Core Mining and Canadile Miners were kicked out of Chiadzwa diamond fields this month after allegedly misleading government that BSGR would invest US$2 billion in the diamond venture last year.
BSGR said in statement: “Two months ago, BSGR made its non-involvement in Canadile Miners and any of its shareholders unequivocally clear to the Zimbabwe government and will, of course, cooperate with any investigation if requested to do so.
“It will also reserve its legal rights against anyone who deliberately seeks to damage or undermine its reputation. BSGR regrets that its name has arisen in the context of litigation in Zimbabwe, and it is issuing this statement to preserve its excellent standing globally”.


Chris Muronzi

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