China strengthens control over the mineral resources of Zimbabwe by requiring the President Emmerson Mnangagwa to grant them mining and oil drilling rights as payment for printing new currency of Zimbabwe. In addition, China referred to the construction of a new capital city in Mount Hampden.
The government of Zimbabwe plans to launch a new currency in early 2020 to replace the surrogate currency “bond.” The new currency will be supported by the country’s diamond and gold reserves with the support of Beijing, China’s diplomatic representatives said this week.
“We are building reserves of gold and diamonds which if they reach a certain level I will not tell you here, it will then allow us to introduce our own currency that will be backed by those minerals. I am not at liberty to disclose to you the level that we want those minerals to reach before they can back our own currency,” Mnangagwa was quoted as saying.
It should be noted that oil exploration and production has become one of the main directions of Beijing’s investments in Zimbabwe and at the moment China is the second largest trading partner of Zimbabwe, the first place is occupied by South Africa, which supplies weapons and military technologies in exchange for natural resources.
Recall that to date, the government of Zimbabwe has already provided China with mineral concessions for gold, platinum, lithium, aluminum and zinc, and these are only some of the full range of resources.