Gold Imports by India Likely Reached Record, WGC Says January 12, 2011, 4:25 AM EST By Madelene Pearson Jan. 12 (Bloomberg) --
Gold imports by India, the biggest bullion consumer, likely reached a record last year driven by investment demand, according to the World Gold Council.
Purchases were about 800 metric tons, compared with 557 tons in 2009, Ajay Mitra, managing director for India and the Middle East at the producer-funded group, said today in a phone interview from Dubai.
Imports at that level “would be the highest for India in its history,” he said. The group hasn’t released final data for last year. Purchases in 2010 may exceed 750 tons, Mitra said Nov. 17. The Bombay Bullion Association said Jan. 3 imports probably totaled 700 tons in 2010.
Gold for immediate delivery rallied 30 percent last year to reach a record $1,431.25 an ounce on Dec. 7 as investors bought the metal as a protector of wealth. Demand for bullion as an investment in India surged 73 percent in the year ended Sept. 30, according to World Gold Council data. Purchases by the Asian country this year will remain “strong,” said Mitra.
“Our assessment is demand will continue to be strong,” he said. “Price is no longer a factor.”
February-delivery futures on the Multi Commodity Exchange of India Ltd. was little changed at 20,455 rupees ($454) per 10 grams in Mumbai at 2:27 p.m. Prices reached an all-time high of 20,924 rupees on Dec. 7. Gold for immediate delivery rose 0.3 percent to $1,385.95 an ounce.
Investment demand for gold in India grew faster than the 62 percent gain in jewelry demand in the same period, according council data.
“It’s been demand driven with investment in mind,” Mitra said. “While jewelry is a form in which a lot of consumers do buy in India, the core proposition really is security for the future, which is the investment angle for buying into gold.”
--Editors: Ravil Shirodkar, Richard Dobson
To contact the report on this story: Madelene Pearson in Mumbai at mpearson1@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net
ZIMBABWE's gold output will put up a 1150 percent growth in the next five years if the sector attracts at least US$3,5 billion in fresh capital injections req-uired to finance capital expenditure, latest mining industry projections indicated last week.
The industry produced about four tonnes of gold last year.
Mines require between US$3,5 billion and US$5 billion to bankroll the resuscitation of closed mines and finance expansion programmes, according to the Chamber of Mines of Zimbabwe (CMZ).
Gold mines have said they require at least US$1 billion in fresh investment while at least US$1,2 billion would be required to fund platinum mining.
US$250 million would be required to beef up operations in ferro-chrome production, US$110 million to bankroll nickel extraction and US$280 million to finance the recovery of coal mines.
But given the liquidity crisis stalking the country's embattled financial markets, Zimbabwean miners have a huge task cut out for them.
CMZ president, Victor Gapare told a conference organised by ZANU-PF to iron out acute differences between the political party and business last week that while growth in gold output could continue with internally generated funds, forecasts had revealed output could surge to 50 tonnes per year by 2015 if the US$1 billion was injected into the industry.
http://www.thezimbabwean.co.uk Written by Ngoni Chanakira Wednesday, 12 January 2011 14:33 HARARE - Beneath Zimbabwe’s blood-soaked soil lies fabulous wealth which, if transparently and expertly exploited, could put an end to unemployment, poverty and disease and turn the country into one of the most prosperous on the African continent. A secret document in our possession, prepared by the Zimbabwe Investment Authority (ZIA), shows that the country is sitting on 2.8 billion tonnes of platinum, 26 billion tonnes of coal and 30 billion tonnes of iron ore, not to mention extensive diamond deposits. The document has been distributed secretly in an attempt to woo international investors. Despite this huge wealth, investors are still hesitant to put their money into Zimbabwe because of Zanu (PF)’s continued anti-western rhetoric, the indigenisation law, disregard for the rule of law and property rights, and massive corruption. According to the document, Zimbabwe also has a staggering 16.5 million tonnes of diamonds especially in the Chiadzwa area in Manicaland, Murowa Diamonds and at the controversial River Ranch near Beit Bridge. There are 13 million tonnes of gold deposits in Bindura, Kadoma, Mudzi, Mvuma and Kwekwe. "Opportunities exist throughout the whole mining cycle from exploitation, mining production, marketing and downstream activities," the document says. "There are also opportunities for joint venture partnerships in existing low capacity running projects as well as new ventures.”. The country has the largest methane reserves in southern Africa as well as 5.2 million tonnes of copper, 930 million tonnes of chromite and 4.5 million tonnes of nickel.
Maybe that's why Mugabe wants to be President till he dies, in addition to being a power hungry megalomaniac.Guess he wants to carry it all in the after life like the Egyptians. by trini
After rescuing Zimbabwe's inclusive government from the brink of collapse over a month ago, South African President Jacob Zuma will tomorrow dispatch his mediation team to Harare to engage the parties to nail down details of a road map towards free and fair elections.
Enterprise Zimbabwe is a catalyst for transformation and will work with a select group of partners to reinvigorate Zimbabwe’s once-thriving economy.
Zimbabwe is at a point of hope and possibility. With their entrepreneurial spirit, Zimbabweans are poised for partners to join them and help rebuild their once-thriving economy. The country is emerging from difficult times and now there is a vast number of opportunities for reconstruction, rejuvenation, and entrepreneurship. The concept of Enterprise Zimbabwe was inspired by The Elders, a group of global leaders founded by Nelson Mandela and Graça Machel and chaired by Archbishop Desmond Tutu. The Elders offer their collective influence and experience to support peace building, help address major causes of human suffering, and promote the shared interests of humanity.
Overview
Virgin Unite, Humanity United, and The Nduna Foundation have come together to establish Enterprise Zimbabwe as an independent, non-profit organization for inward investment.
Enterprise Zimbabwe will target three areas:
1: Entrepreneurship & SMEs: Enabling Zimbabweans to realize their full entrepreneurial potential and creating opportunities and resources for small- and medium-sized enterprises.
2: Catalyzing Social Investments: Working closely with key partners to guide philanthropic donations supporting a range of priorities including health, education, women’s economic empowerment, and agriculture.
3:Connection Trips: Connecting philanthropic and commercial partners to Zimbabwe, and matching them with emerging business and social development opportunities.
www.enterprisezimbabwe.org
A unity government by Mugabe and his political rival Tsvangirai appears to have halted the economy's decade-long free-fall, but the country is struggling to restore productivity, feed its people and repair its ruined infrastructure. Unemployment is estimated at over 90 percent.
"In life, people have got to take risks. If everybody waits on the sidelines it will be the people who suffer," said Branson.
"The present state of politics in Zimbabwe is by no means perfect, but it's a great deal better."
"Zimbabwe, of all the African countries, it's got the best chance of getting back ... it just needs a bit of help being kick-started," he said.
About 85 percent of Zimbabwe's 12.5 million people live on less than a $1 a day and annual per capita income is less than $400.
Enterprise Zimbabwe, established by Virgin Unite, Humanity United -- run by Pam Omidyar, wife of eBay founder Pierre Omidyar -- and The Nduna Foundation, will be officially launched this week at former U.S. President Bill Clinton's philanthropic summit.
Branson said the three day Clinton Global Initiative in New York was a great place for fundraising.
"We're hoping to bring in other partners into Enterprise Zimbabwe this week and I'm sure that we will," he said. "You can get a lot done ... it's a good time to twist arms and get other people sold on your ideas."
Branson's entry into the fray is predicated at having access to the huge Africa (Zimbabwean) resource. It is also about countering the power of China.
The new initiative was hatched by a Virgin 'philanthropic group', Virgin Unite, and the Nduna Foundation. Virgin Unite brought together a group of partners to create the Zimbabwe Trust "to facilitate investments in small and medium sized enterprises".
Who is Isabella Matambanadzo? She has worked for the Soros Foundation’s Open Society Initiative for Southern Africa, and was Chairperson of the Board of Trustees of Radio Voice of the People (RadioVOP Zimbabwe). One should read what VOP broadcasts on Zimbabwe to have a clue of what exactly is going on here.
RadioVOP has been there for as long as the sanctions against Zimbabwe have been there. They recently celebrated their ten year anniversary. Their links with the BBC, Reuters in aiding the onslaught on Zimbabwe and Zanu-PF leaves a lot to be desired.
The Nduna Foundation was founded by Amy Robbins – a corporate banker and founder and former Chief Operating Officer of the multi-strategy NY-based hedge fund, Glenview Capital.
The two, Mr Branson and Ms Robbins are financial backers of the so-called "The Elders who last year wanted to come into Zimbabwe and "assess the impact of the cholera crisis in Zimbabwe", but were denied visas.
The Elders include former Irish President Mary Robinson, Mr Richard Branson, former UN Secretary General Kofi Annan, former US president Jimmy Carter, Cde Samora Machel's ex-wife Graca Machel, retired Archbishop Desmond Tutu, former South African president Nelson Mandela, etc and Mr Branson.
Bishop Tutu has advocated military action to topple President Mugabe and is connected with many other "charities" that purport to help Zimbabwe.
Market Data 
Markets 
AI
