Mining set to contribute US$4b to economy

15 Jan, 2020 - 00:01 0 Views
Mining set to contribute US$4b to economy Minister Winston Chitando

The Chronicle

MINES and Mining Development Minister Winston Chitando says mining sector operations are this year expected to contribute US$4 billion to the economy due to fresh capital injection on new and existing projects.

Exploration of minerals, recovery in output and revival of closed units is also expected to increase operations in the sector.

According to ZBC News, he said the sector is confident of achieving its annual targets.

“We are optimistic of the figure remember last year it was over US$2,7 billion and we need to set the bar higher,” said Minister Chitando.

He said it was imperative to stamp out the holding of mining claims for speculative purposes.

“It is our key worry and we hope to tackle the issue as an urgent one for transparency in the long term.” 

Official data from the Chamber of Mines shows that mining sector operations accounted for over 70 percent of the country’s foreign currency receipts in 2019.

Last October, President Mnangagwa launched a strategic roadmap to the achievement of a US$12 billion mining industry by 2023 as Government ramps up efforts to increase the sector’s contribution to the economy by facilitating the exploitation of minerals throughout the entire value chain.

The Government recognises the mining industry as key to achieving an upper middle-income economy by 2030.

The mining sector has the potential to sustain other sectors of the economy if well exploited given that the country has more than 40 different minerals.

Under the US$12 billion mining roadmap, gold is expected to contribute US$4 billion, platinum US$3 billion while chrome, iron, steel, diamonds and coal will contribute US$1 billion.

Lithium is expected to contribute US$500 million while other minerals will contribute US$1,5 billion. — ZBC News/Business Chronicle.

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