Chronicle Editor
Zimbabwe on Thursday received an early Christmas gift when mining giant Zimplats signed a Memorandum of Agreement with Government for investments totalling US$1,4 billion.
The investments include a new mine, a base metal refinery, a sulphuric acid plant and a 110 MW solar power station.
The establishment of a refinery is a huge step towards mineral beneficiation and value addition.
The country at the moment is exporting platinum group metals as concentrates for refining in neighbouring South Africa. The Zimplats refinery will also be able to refine platinum group metals from other mines thereby ensuring the country benefits more from its mineral resources.
The refining of the platinum group metals locally will not only increase revenue for the country but will also create jobs. Zimplats also plans to open a new mine and expand the capacity of its smelter as well as build an additional concentrator.
The planned sulphiric acid plant will produce extra acid for other users such as those manufacturing fertilizers.
Speaking after the signing of the agreement, President Mnangagwa said the commitment by Zimplats was further evidence of the comfort that capital continues to flow into the Second Republic.
He said the investment by Zimplats and other mining companies augured well for the target to turn the mining sector into a US$12 billion industry by 2023. “Government welcomes the intention by Zimplats to construct a base metal refinery as a crucial step towards local mineral beneficiation and value addition of the platinum group metals.
The sulphuric acid plant will provide raw materials needed in the local manufacturing of fertilizers and help reduce the importation of sulphuric acid,” said President Mnangagwa.
He also commanded Zimplats which plans to establish a 110 MW solar power plant for adopting and using smart energy sources. Zimbabwe continues to record successes in its thrust to modernise and industrialise despite the adverse effects of the illegal sanctions.
The Government has declared that it is forging ahead and enhancing innovation and productivity despite the adverse effects of sanctions. In August the country celebrated another milestone development when President Mnangagwa commissioned an oxygen and solar plant in Mutare.
The gas plant and the solar project are products of Verify Engineering, an offshoot of the Harare Institute of Technology (HIT).
Addressing guests at the commissioning of the gas plant, President Mnangagwa said the fruits of his Government’s deliberate policies to promote a results-based education system were being realised.
We have said it before that it is Zimbabweans who must take the lead in investing and exploiting local resources and we want at this juncture to commend Zimplats for demonstrating its confidence in our economy.
Local companies in the different sectors of the economy should also take such bold decisions to boost production and increase their contribution to the country’s Gross Domestic Product.
The coming in of foreign investors should just be a bonus given that many of them are being discouraged by the illegal sanctions imposed on the country by United States of America, Britain and their Western allies.
Online Reporter