Mining sector in Zimbabwe generates US $5.3bn

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Mining sector in Zimbabwe generates US $5.3bn

Mining sector in Zimbabwe has generated US $5.3bn last year. Mines and Mining Development Minister, Winston Chitando made the announcement and said half the US$12 billion mining industry target set for next year with output rising and new mines opening or re-opening.

Besides exports there is growing local consumption of minerals, particularly coal for power stations and phosphates for fertiliser with iron ore and the metals used in alloying this about to see far more.

Minister Chitando said the vision of a US $12bn a year required the active participation of all stakeholders. Diamonds are expected to contribute US$1 billion towards the country’s vision of a US$12 billion mining industry by next year.

Vision

“The vision of a US$12 billion mining sector economy requires the working together of all stakeholders involved in the mining sector. The target is attainable as witnessed by the growth of the mining sector during the Second Republic. Last year’s annual mining sector performance stood at US$5,3 billion against a baseline of US$2,7 billion in 2017,” said Minister Chitando.

The US $12 billion target would be achieved through a number of measures including enhanced mineral exploration, opening of new and closed mines, projects expansion, increased capacity utilisation, and value addition and beneficiation.

“The value addition of diamonds through cutting and polishing will play a key part in the growth of the diamond sector. With 10 percent of rough diamonds being set aside for local cutting and polishing, there are opportunities for growth in the sector as we move towards the attainment of the US$12 billion mining economy by the year 2023,” said Minister Chitando.

Turning to the Kimberley Process assessment, Minister Chitando said the workshop was a platform to discuss the country’s state of readiness for the KP review visit, at the same time celebrating the successes made in the diamond sector. Ahead of the review process, Zimbabwe has already embarked on a self-assessment and will also host the African Diamond Producers Association meeting next month.

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