The Sunday News
Judith Phiri, Business Reporter
THE Mines and Mining Development Minister, Winston Chitando, has said the country’s mining sector remains on course to generate US$12 billion revenue by the year 2023.
The mining industry is one of the country’s economic mainstays with the sector contributing about 70 percent of the country’s foreign currency earnings.
The Second Republic has come up with a mining industry roadmap whose target is to grow the sector to a US$12 billion industry by 2023 with the gold sector expected to generate US$4 billion, platinum US$3 billion and chrome, iron, steel, diamond and coal contributing US$1 billion.
Lithium is expected to contribute US$500 million while other minerals will contribute US$1,5 billion.
Speaking at the Mine Entra conference and official opening ceremony on Thursday, which was officially opened by President Mnangagwa, Minister Chitando said the US$12 billion mining industry by 2023 will be achieved.
“Your Excellency (President Mnangagwa), the mining sector remains well on course to generate US$12 billion revenue by the year 2023 thereby contributing significantly towards the attainment of the national vision of Zimbabwe becoming a Prosperous Upper Middle-Income Economy by 2030.
“We want to take this opportunity to applaud the private sector for working closely with the Government for the journey walked so far in the Mining Sector. A US$12 billion mining industry by 2023 will be achieved.”
He said the mining industry continues to witness significant growth grew due to major investments in areas of exploration, value addition and beneficiation, the opening of new mines, the resuscitation of closed mines, and the expansion of existing mines across the various mineral subsectors. Minister Chitando said key mining projects commissioned by President Mnangagwa include but not limited to Eureka Gold Mine, Shamva Gold Mine, RioZim Cam and Motor Biox Gold Plant, ZIMCN Radnor Gold Mine Reopening and Bikita Minerals Spodumene Project.
The Minister said the mining sector was expected to drive the country’s economic growth towards an upper middle-income economy by the year 2030 as enshrined in the National Development Strategy 1 (NDS1).
“The main minerals that are going to lead growth of the mining sector include gold, platinum group metals (PGMs), ferrochrome, steel, nickel, diamonds, lithium, coal and hydrocarbons.
“The theme of the 25th edition of Mine Entra, “Explore, Extract and Expand” rightfully points out that there is need for the mining industry to refocus its strategies and work hard towards ensuring an accelerated and sustained growth of the sector which ultimately leads the country to fully benefit from our mineral resources.”
Zimbabwe International Trade Fair (ZITF) Company chairman, Mr Busisa Moyo giving the overview of the Mine Entra 2022 said for years, they have strived to make Mine Entra the definitive meeting place and ideas exchange platform for the country’s mining sector and related industries.
“Usually coming hard on the heels of our flagship event, the Zimbabwe International Trade Fair, Mine Entra has become a signature event that promotes the sector not just locally, but also regionally.
“The Covid-19 pandemic induced an unplanned break from this goal. However, with the support of our key stakeholders, exhibitors and visitors, we are realising a massive comeback,” said Mr Moyo.
He said with over 160 exhibitors and the strong participation on all fronts signified the relevance of the platform, especially now that the country was witnessing various signature mining projects being either commissioned, expanded or resuscitated to achieve a US$12 billion mining industry target by 2023.
Mr Moyo added: “Mine Entra 2022 comes at a time when the focus of the mining sector is centred on the beneficiation and value-addition of minerals before export as one of the four key pillars of Zimbabwe’s goal to create value, employment and accelerated industrial development from its largely unexploited mineral resources.”
The exhibition is running under the theme, “Explore, Extract, Expand: Towards Sustainable Mining Value Chains.”
