eBusiness Weekly
Tinashe Makichi
United States-based commodities firm MGG Holdings is planning to invest at least $25 million in Zimbabwe’s mining sector, with a special focus on minerals such as chrome, cobalt, lithium, gold and coal.
The company is also looking at raising additional capital in excess of $50 million through the public market.
MGG Holdings will make the investments through its Zimbabwean subsidiary, MGG Advisory.
The group was founded by Frederick McKoy who also serves as chairman of the global group.
In Zimbabwe MGG Advisory is registered under the Companies Act (Chapter 24: 03), and has been recognised for empowering the local people and supporting community projects.
McKoy confirmed to the Business Weekly that the group is scouting for mining investments in the country and is looking for joint ventures with local partners.
“Yes my interest is deep into the mining sector as well as in agriculture and manufacturing. We are also scouting for investments in the Zimbabwe mining landscape and I can confirm that we are targeting chrome, gold, coal, cobalt and lithium. On chrome we are mainly targeting the Shurugwi area.
“MGG Advisory takes pride in its youthful and hardworking workforce and is further expanding its operations in all parts of the country. The company has an impressive footprint. In the mining sector it has a winning partnership with strategic locals and it has also recorded high success in the booming construction industry,” said McKoy.
“The group will also be scouting for investments in agriculture and the manufacturing sectors. We are in the process of raising capital right now we are at about $1 million, looking to go to a level of close to $25 million.”
McKoy said the company is bringing in top-notch African-American investors and celebrities into the Zimbabwean investment landscape.
MGG Advisory is a fast-growing company which finances and provides technical support to several successful indigenous chrome and gold mines. It is legally registered to export and import various commodities, from pharmaceutical and agricultural products to minerals and heavy machinery.
In the health sector, the company is driven functions to equip medical institutions with high-tech equipment while also facilitating the building of more health institutions by local or foreign investors.
MGG Advisory can act as the link between Zimbabwe’s significant to attract investment and the global investing community, said the founder.
“We are going to raise additional capital through the public market which will enable us to raise in excess of $50 million. We want to put Zimbabwe on the map for the place to do investments under the leadership of his new president.
“The group is also looking at empowering locals through structuring joint ventures,” said McKoy.
