COMMENT: Let’s beneficiate all our minerals

VARIOUS manifestations of the vestiges of colonialism in post-independent Zimbabwe include underdevelopment and the export of raw minerals. A 100-year-old colonial footprint cannot be wiped out overnight.

That Zimbabwe is one of the richest countries in the world, with vast mineral resources and rich soils, has never been in dispute. But when you do not beneficiate your own minerals, someone somewhere is making more money from your natural resources.

It is unsurprising that Zimbabwe was colonised by a diamond magnate and imperialist, Cecil John Rhodes. Rhodes named the country after himself after obtaining a royal charter from England. He ran the country like a personal business administered by his British South Africa Company (BSAC).

The aim of the company was to enrich Rhodes, his followers, and indeed the Crown. Most minerals mined in Zimbabwe were turned into final products in South Africa and the United Kingdom. The profits still found their way into the “right” bank accounts.

Today, the Government under the Second Republic is rewriting the country’s mining story. To this end, a mining milestone target for the end of this year of US$12 billion has already been set.

This new trajectory by President Mnangagwa’s Government has seen the mining sector achieve over 100 percent growth in earnings with mineral exports jumping to US$5,62 billion in 2022 from US$2,7 billion in 2017.

Further, growing investor confidence in the country due to comprehensive policy reforms has seen the mining industry attract over US$6 billion in investment in new projects in the last four years.

According to latest Reserve Bank of Zimbabwe (RBZ) figures, cumulative export earnings or proceeds for 2022 were US$7,42 billion compared to US$6,37 billion earned during the same period in 2021, an increase of 16,5 percent.

“The mining sector export earnings accounted for 75,8 percent of the total export earnings in 2022, underlying the need for diversification and broadening of the export base,” said the Apex Bank.

“Minerals underpinned merchandise exports performance in 2022, growing by 12,3 percent, from US$5,011 billion in 2021 to US$5,627 billion, on account of higher production coupled with favourable commodity prices for key commodities.”

Mines and Mining Development Minister Winston Chitando told delegates to the just-ended African Mining Indaba in South Africa that the mining sector should be at the forefront of driving sustainable growth, leading to employment creation and poverty reduction.

“The main thrust is on mineral beneficiation along the mining value chain to convert the country’s mineral resources into a catalyst for economic growth,” he said.

Finally, Zimbabwe’s mineral resources are benefitting Zimbabweans.
This country is no longer administered by the British South Africa Company whose co-business was to loot and plunder on behalf of the Crown.

The country is administered by Zimbabweans who carry the dreams and aspirations of the black majority.
Let’s beneficiate all our minerals — lithium, gold, diamonds, coal, chrome, iron, nickel, platinum; the whole lot — for the benefit of all Zimbabweans.

Indeed, the time “to convert the country’s mineral resources into a catalyst for economic growth” has come.