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The Herald, September 7, 1992
THE Zimbabwe mining sector is expected to earn the country $2 billion in foreign currency this year, the Minister of Mines, Cde Eddison Zvobgo, told Parliament last week.
Speaking during debate on the Committee of Supply and his ministry’s allocations, Cde Zvobgo said: “If the vast mineral resources which are endowed to the country were exploited, they would put Zimbabwe on the forefront of development in Africa.”
Agriculture was down, the manufacturing sector was limping, while the mining sector remained the only viable sector of the country’s economy, he said. He would come up with a new mining policy in the not too distant future for the country.
Cde Zvobgo urged Members of Parliament to support his ministry when it comes out with the new policy which was expected “to galvanise international support for exploration and investment, which is capital intensive”.
The increase in the vote was very nominal and the ministry would embark on extensive exploration and “if we expand our base, we will find a lot of investors come our way”. – Ziana.
LESSONS FOR TODAY
- Mining is one of the key economic sectors in the country because it has the top foreign currency earners in terms of gold and platinum.
- The sector accounts for about 12 percent of the country’s gross domestic product (GDP), and is on course to generating US$12 billion mining sector economy by this year.
- The growth of any sector is premised on increased investment. The country’s mining sector has been able to grow phenomenally because of the various investments that are coming up in different parts of the country, notably the lithium sector.
- During the past year, the country has recorded US$20,2 billion in export earnings due to investment ushered in by the Second Republic putting the sector on a firm footing to becoming a US$12 sector.
Online Reporter