Chronicle Editor
Nokuthaba Brita Ncube, [email protected]
THE Parliamentary Portfolio Committee on Mines and Mining Development has recommended adequate resourcing of the Mining Promotion Company (MPC) to attract private sector investment for mineral exploration.
The mining sector has taken the lead in investment attraction and has huge potential to steer robust economic growth.
Presenting the post-budget report on pivotal discussions and key observations, the committee’s chair, Mr Remigious Matangira, pointed out that inadequate funding limits the firm’s ability to effectively facilitate mineral exploration.
“The budget allocation for the Mining Promotion Company is ZWG400 000, falling short of the requested ZWG106,8 million.
This underfunding limits the MPC’s ability to effectively facilitate mineral exploration and negotiation of mining contracts which are vital for revenue generation,” reads part of the report.
Zimbabwe’s gold mining heritage is rich but many deposits remain unexplored due to historical under-investment.
The mining sector plays a significant role as one of the top economic drivers, contributing about 60 percent of export receipts and 13 percent to the country’s Gross Domestic Product (GDP), a key measure of economic development.
MPC is a state-owned enterprise incorporated in 1967 to conduct exploration and development for national strategic minerals.
The enterprise carried out exploration work on Jena, Sabi, and Elvington gold mines, as well as the Mhangura, Shackleton, Alaska, Cedric, and Sanyati Copper Mines.
MPC seeks to assist in the growth of Zimbabwe’s mining industry through the development of mineral resources by undertaking prospecting, exploration, and development work.
It obtains, analyses and avails information concerning mineral properties and markets for minerals.
Online Reporter