Govt targets 4 billion USD mining revenue
Zimbabwe is targeting to generate over US$4 billion in revenue from the mining sector this year, Mines minister Winston Chitando has said.
In 2018, the sector earned US$3,4 billion driven by the high performance of the gold sector, which delivered a record 33,2 tonnes, but output could have been higher had it not been for disturbance towards the end of last year.
Foreign currency shortages intensified during the third and fourth quarter last year, leading to cuts in production at a number of mines, which could not pay foreign suppliers.
Foreign investor interest in the southern African nation has been growing since the fall of long-time leader Robert Mugabe following a de facto military coup in November 2017.
According to the Chamber of Mines, the country needs up to US$11 billion to modernise its mines and boost production to maximum capacity over the next five years.
Chitando said the diamond sector was also expected to up its contribution in terms of revenue generation.
Government has an ambitious forecast for diamond output of 4,1 million carats by year-end, up from 1,7 million carats produced in 2018.