Vusumuzi DubeLeonard Ncube and Africa Moyo
THE 2022 annual Chamber of Mines Conference and Exhibition finished on a high note last Friday in Victoria Falls amid optimism the mining sector will meet the US$12 billion milestone next year.
The conference started with a Gold Sector Mining Symposium on Thursday before President Mnangagwa presided over the official opening the following day, where he commended the sector for making significant progress towards meeting the country’s growth aspirations in line with the national vision for an upper-middle-income economy by 2030.
The President said he was happy that investors continue to embrace the “Zimbabwe is open for business” mantra as evidenced by numerous new entrants into the mining sector. He also reiterated that Government doors would always be open to mining entities.
The theme for the conference was: “Consolidating growth drivers for the mining industry.” Looking at the mining sector, there are big players, some of them international, and lately there has been emergence of small-scale miners who have been given the greenlight to operate in the Second Republic.
Key takeaways from the two-day conference included assurance for meeting the US$12 billion milestone, need for capital to expand operations, invest in technology efficiencies, and addressing disruptions caused by Covid-19 and the Russia-Ukraine war.
Challenges facing the mining sector as noted during the conference include power, where a number of mines are being established but without electricity, foreign currency retention, need for capital especially beyond the US$12 billion industry, monitory and fiscal issues as well as delays by the Attorney General Office to finalise amendment of the Mines and Minerals Act and Gold Trade Act.
In an interview, Mines and Mining Development Minister Winston Chitando said the conference was a success and very critical in the sense that it discussed some of the key enablers in the mining sector.
“We have just concluded the 2022 mining conference and one of the issues that came under discussion was the US$12 billion mining milestone from the benchmark of US$2,7 billion which is about 300 percent increase.
“This mining conference is happening at a time when we are sprinting towards the achievement of a US$12 billion mining industry by next year and so the key takeaway is that we are moving towards that achievement,” said Minister Chitando.
He said the sector rose from a base of US$2,7 billion to US$5,3 billion last year and targets to finish 2022 at US$8 billion and US$12 billion by end of next year.
Minister Chitando said a lot of beneficiation is taking place in the mining industry and this has been supported by coke batteries operations coming up and plans to put up battery manufacturing and as well as platinum refinery in the country.
He said Government also banned export of chrome concentrates and black granite to promote value addition.
The ruling Zanu-PF also showed commitment to support the country’s mining industry as the party’s National Political Commissar Cde Mike Bimha was among the delegates.
Cde Bimha said the rapid expansion of the mining industry as shown by coming up of new projects was testimony to the condusive environment created by the Second Republic.
“This conference comes at a time when we are focusing on prospects for growth. Hitherto it was not legal for small scale miners to mine therefore this new development is quite exciting.
“It’s quite interesting in the mining industry and all we can do is support the sector. The door is open for the industry and there is also a need for link between big players and small players, and by so doing we integrate various players,” said Cde Bimha.
He reiterated the call for mining companies to plough back to the communities they operate in and to prioritise welfare of workers and communities through salaries and corporate social responsibility programmes.
Online Reporter