Zimbabwe mining industry in 100% growth – Chitando
The mining sector in Zimbabwe has grown by 100 per cent, Minister of Mines and Mining Development Hon Winston Chitando has revealed.
Rudairo Mapuranga
Speaking at this year’s edition of Investing in Africa Mining Indaba, Chitando said Zimbabwe earned a total of US$5.4 billion in 2022 from the extractive industry which is a 100 per cent increase compared to the size of the sector before he assumed the top position of the Ministry.
“A TOTAL OF USD 5.4 BILLION WAS RELEASED IN 2022, A 100% GROWTH INCREASE COMPARED TO USD2.7BILLION RELEASED IN 2017,” Hon Chitando said.
The mining industry also nearly doubled earnings in 2021 fetching US$5.2 billion, with projections by the Ministry of Finance indicating that mining earnings will reach US$7.3 billion in 2022, achieving 60.8 per cent of the US$12 billion target for 2023.
Zimbabwe has over 60 commercially exploitable minerals.
Key minerals mined in mineral-rich Zimbabwe, apart from gold, include platinum group metals (PGMs), nickel, chrome, diamonds, coal and lithium, among others.
Commenting on the feasibility of achieving the US$12 billion mining industry by 2023, as targeted by the Government, the Chamber of Mines Chief Executive Officer (CEO) Mr Issac Kwesu said the sector was doing all it could for the country to reach the set target.
“The industry is doing its best, to the maximum of its abilities. There has been some expansion, new mines being set up, and ramping up of production of existing mines all these are signs that we are committed to the US$12 billion. We will play our part because it is an all-stakeholder issue,” said Mr Kwesu.
The mining sector export earnings in 2021 reached US$5,2 billion, contributing more than 85 per cent to the national export value.
It has become Zimbabwe’s lynchpin in driving the economy during turbulent times across the globe through direct and indirect linkages with other key sectors of the economy.