'The Persian Gulf of strategic minerals of our earth': by landmass, Zimbabwe is twice the size of the UK. By population, Zimbabwe has a 10th of the UK population. So, why does this relatively small African nation attract so much attention from the West to the point of even seeking regime change in Harare? Is it only for the love of the Africans in Zimbabwe?, asks Mabasa Sasa.

In recent memory, no country in peace time has ever received as much publicity as Zimbabwe has since the onset of its land reform programme in 2000. Since then, its politics and economy have become a free-for-all, often maligned by commentators who have never ever set foot in the country. No wonder, much of the media focus has been tilted towards a deliberate disinformation campaign designed to create an impression of a country on the brink of collapse.

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But just how many times can a country's economy collapse and melt in a seven-year period? What is it about the Zimbabwe economy that can withstand repeated collapses in less than a decade and still remain at the core of the region's economy? Just how many times in seven years will "millions face impending famine" in Zimbabwe, and yet not one photo has been published by the Western media and their local allies in the Harare-based opposition newspapers, of any Zimbabwean who has died, or is dying, of famine in seven years!

And why are American and British companies still operating in a country that is collapsing? At last count, nearly 600 British companies were in situ in Zimbabwe! And why are dividend remittances being paid consistently? Why did British Airways increase flights into an "unsafe" country after London had encouraged other European airlines to pull out?

So, what kind of country is Zimbabwe? What is the magnet that keeps drawing all these foreign companies who never leave even when the economy is reported to be melting down? What is Zimbabwe's true worth?

The answer appears to lie in what Ian Smith, the last prime minister of Rhodesia (now Zimbabwe), noted in his memoirs, The Great Betrayal, published in 1997.

Smith, who famously promised himself that black majority rule in Zimbabwe would never happen in a thousand years, certainly not in his lifetime (and yet he is still alive, aged 88), tells the story of receiving "an interesting briefing" in 1967 given by Rhodesia's "Security Council" (comprising himself as chair, the ministers of defence, and of law and order, and the national joint operational command made up of the service chiefs, the police and the Central Intelligence Organisation).

The briefing, as he tells, was on "the communist plan for Africa, as part of their overall scheme for world domination". He tells how the map showed clearly that the "communists had firmly established themselves in a number of countries in North Africa, methodically moving on to new ground once a base had been secured. The ultimate target was South Africa, which was not only the industrial giant of Africa, but was one of the most richly mineralised parts of our world".

Ian Smith used the phrase "most richly mineralised parts of our world" for good reason, because he knew what he was about to explode.

"It was a few years later," he continues his story, "that I was pleased to receive a report that the United States had been alerted to this development and, as a result, their Congress Committee on Strategic Minerals and Mining had sent a mission to investigate.

"After visiting Zaire [now DRCongo], Zambia, Rhodesia and South Africa, they produced a commendable report and in most expressive language termed the area 'the Persian Gulf of strategic minerals of our earth'.

"Apart from the greatest world deposits of gold, diamonds, platinum and chrome, they itemised a list of other strategic minerals in which many countries, including the USA and Canada, are deficient.

"The only other country where one could find a similar conglomerate of these minerals was the USSR; if the Soviets could have gained control of this area, therefore, they would have had a virtual world monopoly. The report warned the American Congress and the nation of this potential danger, and urged them to rouse themselves from their complacency."

Today, Zimbabwe, located right in the heart of "the Persian Gulf of strategic minerals of our earth", is still sitting on lots of these "strategic minerals". Last year, from nowhere, high quality diamonds started appearing almost on the surface of the earth in the eastern parts of the country.

Could the "strategic minerals" (of which the USA, UK, Canada and their allies are deficient) be why Zimbabwe cannot be left alone to chart its own course? Could it be why the UK, USA and their allies want regime change by any means necessary? Could it be why the media deliberately portrays Zimbabwe as a "God-forsaken place" against the reality on the ground?

Let's look at what Zimbabwe is truly worth. In terms of minerals, the list goes like this:

Gold: Zimbabwe is estimated to have over 3.5bn tonnes still stuck beneath its soils. More than 90% of these deposits are located in the granite-greenstone terrain which covers about 60% of the country. The home of over 6,000 recorded deposits, Zimbabwe has the capacity to produce at least 25 tonnes of gold annually.

Gold mining in the country did not start with the arrival of colonialism as some textbooks claim. Ancient miners were good at exploring outcropping ore bodies, mostly quartz veins, and the exploration carried out during colonial times concentrated on rediscovering these ancient workings.

In addition to the known gold reserves, there are opportunities to discover new ones in virgin areas, using new advances in geophysics, geochemistry, structural analysis and other conceptual models to venture away from ancient workings.

Iron Ore: Zimbabwe's high grade deposits are estimated to be over 251.17m tonnes.

Nickel: The country's known deposits of 41.9m tonnes are being mined at Trojan and Shangani mines in the south of the country. Among the base metals exploited in the country, nickel predominates in terms of value and contributes significantly to foreign currency generation.

Bindura, in the north, also hosts a smelter and refinery. Feasibility studies for the opening of a third mine at Hunters Road in Kwekwe, in the northwest, are at an advanced stage. Nickel is also produced as a by-product of platinum mining on the mineral-rich Great Dyke.

Platinum Group of Minerals (PGM): Zimbabwe's deposits, the second largest in the world, are estimated over 3.05bn tonnes. They are found along the Great Dyke, a resource-rich belt, which extends for 540 kms and varies in width from 2kms to 10kms. After South Africa, Zimbabwe holds the second largest deposits, mined at the Hartley, Wedza and Selukwe complexes--all along the Great Dyke.

Exploration for more PGMs is underway in areas outside the Great Dyke. Platinum, reflecting its significance in the modern world, has since surpassed gold in value per ounce, with the platinum price currently double that of gold.

Platinum is largely used in the auto catalyst industry, and also in electricals, chemicals, jewellery and petroleum refining. Zimbabwe's huge deposits, coupled with high demand for platinum around the world, has brought pressure to bear on the country, almost akin to that experienced by the oil-rich Middle East. Zimbabwe, thus, welcome all investments in this lucrative sector just so long as such investments are free of sinister political agendas.

Coal: Zimbabwe's huge coal resource base of over 8.87bn tonnes is found in the Zambezi and the Save-Limpopo basins. It is renowned for its high ash content, low calorific values, low sulphur and phosphorus content needed in thermal power generation.

To date, only coal resources within the mid-Zambezi basin have been reasonably exploited as the coal-bearing strata in this area is generally shallow and amenable to open cast mining. The country also produces high volatile coking coal.

Chrome: Zimbabwe's deposits are estimated to be over 50m tonnes. Production is mainly along the Great Dyke. The country is the world's fifth largest producer of chromite after South Africa, Kazakhstan, Turkey and India.

Processed chrome, or high carbon ferrochrome (HCF), is one of country's major foreign exchange earners. The bulk of the chromite deposits are found along the Great Dyke, although other deposits are found elsewhere in the country,

Asbestos: Zimbabwe is the fifth largest producer of high quality white asbestos fibre in the world, which is produced in the full range of grades required by customers. Zimbabwe's deposits are estimated over 47.1m tonnes.

Diamonds: There have been over 130 discoveries of Kimberlite pipes in Zimbabwe. Its known deposits are over 15m tonnes. The story of diamonds in Zimbabwe has become the stuff of legend recently following the discovery of three potentially lucrative kimberlite pipes in the Zvishavane district. A new mine, Murowa Diamond Mine, with production figures of 200,000 tonnes per annum, has already been developed.

Such kimberlitic occurrences in Zimbabwe are spatially related and found in similar geological settings to those in diamond-rich Botswana. Consequently, there is immense potential for the discovery of more diamond fields as exploratory activities in the Marange area show. Marange experienced a diamond rush over the past year and the government is in the process of assessing quantity and quality.

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Tantalite: The current increase in world demand for tantalum has increased tantalite prospecting and mining in Zimbabwe. Production has largely come from Kamativi as a by-product of tin mining. Current production is coming from Odzi, Mutoko, Mount Darwin, Sandawana and Hurungwe areas. The country's known resources are estimated over 349m tonnes.

Coal Bed Methane (CBM) gas: Zimbabwe holds the largest known reserves of coal bed methane (CBM) gas in sub-Saharan Africa, according to statistics published by the USA. CBM is a gas produced from the decomposition of organic matter during the formation of coal. All coalfields are, therefore, potential CBM gas fields.

In Zimbabwe, CBM gas resources have so far been discovered in the Hwange and Lupane areas of the Matabeleland North Province, the Lubimbi area in Binga, the Sengwa area of Gokwe, and in Chiredzi in the east.

Significant work has been done to delineate the gas resource in Hwange and Lupane and tests on the quality of gas indicate 95% methane. Work is still to be carried out to determine whether the gas can be exploited commercially. Industrial exploitation of CBM gas will relieve the Southern African region from power shortfalls. CBM can also be used in producing ammonium, a vital chemical in agriculture.

Uranium: Exploration in the country dates back to the 1950s when surveys were carried out in the Zambezi Valley. Deposits were subsequently discovered, and with the ever increasing global fuel prices and the projected power deficit in Southern Africa, uranium stands out as one of the key alternatives to both oil and electricity imports.

Other minerals: Zimbabwe has huge deposits of over 40 other "strategic" minerals which are being, or yet to be, exploited.

Agriculture: The mainstay of the Zimbabwean economy, agriculture accounts for 18.5% of GDP, 22.8% of foreign exchange earnings, and 23% of formal employment.

The major crops include tobacco, cotton (commonly known as 'white gold' because of its value), horticultural products, soya beans, wheat, maize, coffee, beef, and as a side spinner, dairy products. These major sub-sectors also provide opportunities for agro-processing in cotton, tobacco, leather and other products.

Zimbabwe's horticulture sector has a quick turnaround in terms of foreign exchange generation. Crops in this sector include fruits and vegetables, and citrus and flowers which have a niche market in The Netherlands and the rest of the European Union.

The country's favourable climatic conditions and fertile soils are supportive of strategic crops such as Virginia flu-cured tobacco, cotton, floriculture and sugar cane.

Manufacturing: Zimbabwe has a highly diversified manufacturing sector which makes up 15.5% of GDP, 36.9% of foreign exchange, and 15% of formal employment. Because the economy is dominated by agriculture and mining, the manufacturing sector is largely preoccupied with agro-processing industries (54%) and mineral processing (25%).

The sector, founded on both the resource-based industrialisation of the late 1950s and early 1960s and the import substitution strategies of the Rhodesian UDI era, is capable of servicing both domestic and foreign markets.

Production of steel, fertilisers, agricultural equipment, chemicals, foodstuffs, beverages, textiles, timber, paper and packaging, and transport equipment are the major manufacturing activities. Yarn, textiles, and apparel of high quality from hand picked, long fibre cotton, are also produced. The country hosts some of the largest manufacturing plants in Africa, including Ziscosteel and the Bata Shoe Company.

Tourism: A key component in the country's turnaround strategy, tourism currently contributes about 6% of GDP, 2.2% of formal employment, and has immense growth potential.

Natural and historic attractions like the mighty Victoria Falls, Hwange National Park, Kariba Dam, the Great Zimbabwe Monument, Matopo Hills where the arch-colonialist Cecil John Rhodes is buried, and the Eastern Highlands, are truly sights to behold.

Victoria Falls is one of the world's seven natural wonders, providing a range of leisure activities spanning from photographic and hunting safaris, canoeing, bunji-jumping, conference facilities, restaurants, casinos and golf courses. Zimbabwe is richly endowed with a great variety of wildlife, including the world's big five land animals--the elephant, lion, rhinoceros, leopard and buffalo. There are also great opportunities for hunting safaris, game viewing and setting up conservancies.

The financial sector: Zimbabwe boasts an innovative, highly sophisticated, and efficient banking system that is second only to South Africa in sub -Saharan Africa.

Reforms introduced in the early 1990s relaxed certain requirements resulting in the opening up of the sector to new players which made the sector more competitive and created room for growth.

Despite the current challenging macroeconomic environment, the local banking sector has remained safe and sound. This can be attributed to improvement in risk management systems in banks, the enhanced minimum capital requirements, and the implementation of international best practices in banking by the central bank.

From January 2005, all banks in Zimbabwe were required to undergo a mandatory external credit rating by internationally recognised institutions so as to improve transparency, promote disclosure, and to enhance discipline in the sector. In addition, the Reserve Bank of Zimbabwe is also implementing the revised framework for the international convergence of capital measurement and capital standards (base II). Considerable progress has so far been made in laying the foundation for a successful implementation of this framework.

There are 29 banking institutions operating in the country, comprising commercial banks, merchant banks, discount houses, finance houses and building societies. Profits have been astronomical, even in the midst of the so-called economic meltdown.

Other players in the sector include asset management companies, microfinance and money lending institutions, a People's Own Savings Bank as well as insurance and pension funds.

There are four foreign-owned banks operating in the sector--Barclays Bank, Standard Chartered Bank, Stanbic Bank and MBCA Bank. The foreign-owned banks command a significant market share. Individually, three of the four foreign banks are among the top five banks in the country.

The foreign banks are also making huge profits and playing a significant role in the market. Last year, among Standard Chartered's worldwide operations, Standard Chartered Zimbabwe made the highest profits for the British multinational bank.

The banking sector continues to offer a wide spectrum of investment opportunities ranging from joint ventures, mergers and acquisitions. The country continues to receive enquiries from potential foreign investors, intending to set up banks or acquire equity in already established ones. Foreign investors can partner with small-sized banks which cannot access foreign lines of credit or obtaining additional finance for growth.

Zimbabwe Stock Exchange: The country has a vibrant stock exchange with 80 listed companies of which 77 are active, whilst three are currently suspended. The major investors on the stock exchange are mainly institutional (90%), while individuals and other small investors, including foreigners, constitute the remaining 10%. The Zimbabwe Stock Exchange has been outperforming the world's biggest exchanges in the last few years.

And so: Putting all the above wealth and "strategic minerals" in one basket, and topping it up with the land question whose resolution (by way of a fast track land redistribution programme launched by the Mugabe government) so riled the British, one can begin to understand why Zimbabwe attracts so much attention from the "international community" (an euphemism for the "nations of European stock").

Zimbabwe's political-economy, especially land reform and the stiff-back attitude to survive without Western aid (cut in 1998 when the green shoots of land reform began), is seen as setting a bad precedent for the rest of Africa, especially South Africa and Namibia which have similarly skewed land tenure systems (dominated by European settler communities) as Zimbabwe before land reform in 2000.

On top of it all, it is on record that the Zimbabwean economy makes a lot of money, by way of dividend remittances, for other economies around the world, notably the UK and its EU allies, USA, Australia and Canada. These countries are petrified that changing the status quo to benefit African Zimbabweans would mean a diminution of their permanent interests and ability to make the huge profits in Zimbabwe.

Then too, the fear expressed in the 1960s by the US Congress Committee on Strategic Minerals and Mining that if they did nothing, the axis of "the Persian Gulf of strategic minerals of our earth" may tilt precariously out of the Western orbit, still holds sway in Western capitals. Therein lies the predicament of a Zimbabwe bent on giving economic freedom to its citizens.