Chronicle Editor
The commissioning of a US$300 million Prospect Lithium Zimbabwe Plant (PLZ) in Goromonzi, Mashonaland East Province by President Mnangagwa on Wednesday is a bold statement that the US$12 billion mining industry target by the end of the year will be realised if not surpassed.
The plant which processes about 4,5 million tonnes of lithium per year, is one of the many new investments in response to the “Zimbabwe is Open for Business” mantra. The signature project which is already benefiting thousands of people in Mashonaland East Province and beyond, demonstrates that despite the illegal sanctions, Government is unstoppable in its quest to ensure the country becomes an upper middle income economy by 2030.
President Mnangagwa said during the commissioning that Zimbabwe has witnessed unprecedented levels of investment as well as fast pace of project implementation because of an enabling investment and business operating environment that has been created by the Second Republic.
The country recorded phenomenal growth in the mining sector during the past few years which has seen output of the mining sector increasing from US$2,7 billion in 2017 to US$6 billion last year.
Many new mines across the country have started production thereby boosting the confidence that the Government’s target of a US$12 billion mining industry by the end of this year will be realised.
The latest mine to come on board is Muchesu Coking Coal Project in Binga which started production recently. The mine which belongs to Contango Holdings produces washed coking coal and its target is to produce 20 000 tonnes of washed coking coal a month.
The huge investments in the mining and other sectors of the economy is a confirmation that Zimbabwe is fast becoming an investment destination of choice in the region and beyond.
Many lithium mine projects are taking shape across the country and very soon Zimbabwe will be among leading producers of lithium in the world. The lithium mines include Prospect Lithium Zimbabwe, Zulu Lithium Mine, Sabi Star Lithium Mine, Bikita Minerals, Arcadia Lithium Mine and Kamativi Lithium Mine.
The other new investor in the mining sector that has taken advantage of the country’s conducive investment environment is Tsingshan Holdings whose subsidiary Dinson Iron and Steel Company (Disco) is investing US$1 billion to set up an integrated Iron and Steel Plant near Mvuma.
Government has implored Zimbabwean professionals working in the diaspora to return home and contribute to the development of their country using their many years of experience working outside the country. Ilizwe lakhiwa ngabaninilo (Nyika inovakwa nevene vayo).
Online Reporter