(Bloomberg) — Robert Mugabe’s fall as Zimbabwe president is setting the scene for the return of a London mining listing for Andrew Groves and his long-term business partner — and former England cricketer — Phil Edmonds.
Groves is preparing to relist the pair’s Zimbabwe coal, chrome and gold assets in London through the reverse takeover of a cash shell, or dormant company. He sees the ascent to the presidency of Emmerson Mnangagwa, a man who served more than half a century at the side of Mugabe, as beneficial.
“I’d like to build it into a mid-tier mining company,” Groves said, adding that he has a lot of local contacts. “I’ve known Emmerson — the new president Emmerson Mnangagwa — for 15 years. He’s made a huge change already.”
Mnangagwa, Zimbabwe’s former spy chief, became president in November with military backing and has offered to hold elections by July. His administration abolished rules that mining operations must be at least 51 percent owned by black Zimbabweans for all minerals other than platinum and diamonds.
The southern African nation is geologically rich, with deposits of gold, chrome, lithium, coal, diamonds, platinum and iron ore. Mine development stalled under Mugabe, whose policies led to a collapse in the economy and hyperinflation.
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