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Leonard Ncube and Nozwelo Hadebe
GOVERNMENT has crafted a mining industry vision which will usher in a cocktail of measures meant to transform the sector, among them building a $30 billion mining economy by 2030, a Cabinet Minister has said.
Mines and Mining Development Minister Winston Chitando said this while addressing miners and captains of industry at the Chamber of Mines annual conference and general meeting in Victoria Falls yesterday.
He said the Zimbabwe Mining Vision, to be effected next month, will address a number of areas in the mining industry.
“As we endeavour to take our mining sector to a world class standard, Government sometime in June shall be producing the Zimbabwe Mining Vision together with the Zimbabwe Diamond Policy. We hope that through this shared vision we will be able to clear any ambiguities to our potential investors on what we expect as a country from our abundant minerals resources,” said Minister Chitando.
He said also to be ironed out through the mining vision is the issue of listing of companies on the Zimbabwe Stock Exchange.
Minister Chitando said the new political administration will not force companies to list.
“In the past few months there was talk of companies being compelled to list on Zimbabwe Stock Exchange and this caused panic in our industry. For the record, Zimbabwe will not compel companies to list on the local Stock Exchange as this does not fit into the new economic dispensation,” he said.
The Minister said government is determined to ensure that the mining sector plays a pivotal role in economic development hence it is in discussion with some funders who are interested in financing the sector.
Plans are underway to establish gold service centres countrywide with the aim of increasing production through capacitating miners.
“The Government of Zimbabwe recognizes the contribution made by our small scale miners and various initiatives have been put in place to support them.
“Furthermore the Government, working with investors, would like to see the establishment of gold centres around the country with the first centre in Bubi, Matabeleland North, going to be operational in July 2018,” he said.
The Minister said the other centre would be in Kezi, Matabeleland South and Silobela in Midlands and each will be expected to produce 2 tonnes of gold per annum towards a national vision of producing 85 tonnes per annum by 2023.
This comes at a time when mineral revenue last year grew by 31 percent to $2.6 billion from $2.2 billion in 2016.
Minister Chitando, however, said it was a cause for concern that less than 10 minerals are being exploited out of over 60 found in the country.
He said government is alive to the challenges being faced by the country’s mining sector, chief among them being difficulties in accessing financing.
The Minister said he was hopeful for a brighter future due to recent improvements in the general investment climate where there has been increased appetite by investors to inject capital into the Zimbabwean mining space.
He said above all, President Mnangagwa’s 2030 milestone which seeks to turn Zimbabwe into a middle income economy under the overall vision of Zimbabwe’s massive economic growth would see the sector contributing immensely.
Also part of the vision is lithium production, coal bed methane gas extraction where government a few days ago signed a $730 million agreement with an investor for power generation. Chairperson of the Portfolio Committee on Mines and Mines Development Mr Temba Mliswa said Zimbabwe’s biggest undoing has been policy inconsistencies and now people have trust in the new dispensation.
The conference, whose theme is: “Unlock Value, Maximise Benefits: Growth Perspectives for Zimbabwe’s Mineral Resource Sector”, ends today. — @ncubeleon
Online Reporter