Online Reporter
Online Reporter
A DELEGATION from the International Monetary Fund (IMF) toured Duration Gold’s Gaika Mine in Kwekwe today to get first-hand insights into Zimbabwe’s mining sector as part of a broader mission to assess the country’s economic reform and recovery efforts.
The delegation, led by IMF mission chief Mr Wojtek Maliszewski, is in Zimbabwe as part of a 10-month non-financing Staff-Monitored Programme (SMP), which is aimed at consolidating macroeconomic stability, strengthening economic governance and supporting the country’s re-engagement efforts with the international community.
The visit to Gaika Mine marked a rare engagement between the IMF and a private mining operation.
Duration Gold described the tour as an important opportunity to showcase both the potential and realities of mining in Zimbabwe.
The company’s spokesperson, Mr Robert Mukondiwa, said they had invited the IMF team to familiarise itself with the operation and to better understand opportunities and challenges facing international investors operating in Zimbabwe’s mining sector.
“We hosted the team, led by chief of mission Wojtek Maliszewski, in order to familiarise them with the project and our operations, while also highlighting both the opportunities and challenges associated with operating as an internationally owned company within Zimbabwe’s mining industry,” said Mr Mukondiwa.
Duration Gold, he said, remained committed to supporting national economic development through responsible mining.
“Duration Gold stands shoulder to shoulder with the Government of Zimbabwe in pursuing the attainment of an upper middle-income economy by 2030, with mining playing a pivotal role in that vision,” he said.
“Of particular importance is the ongoing drive to address key concerns ranging from security and policy consistency to mining lease statuses, all of which are critical for seamless production, low-risk operations and increased contribution to national development goals.”
He also emphasised the need to intensify investment in large-scale greenfield exploration if the mining sector is to sustain growth over the long term.
“One of the critical conversations for Zimbabwe is the need for new mineral discoveries through systematic greenfield exploration,” said Mr Mukondiwa.
“Many of the country’s historic mines have been operating for decades and are progressively depleting their known resources. Sustaining production and maintaining mining’s contribution to the economy will require significant investment in finding the next generation of deposits.”
While artisanal and small-scale mining continued to make an important contribution to gold output and employment, he added, it could not on its own provide a sustainable long-term foundation for the industry.
“Artisanal mining is largely restricted to near-surface mineralisation and, therefore, has a finite lifespan as a resource extraction model. Once these shallow deposits are exhausted, operations often move on, leaving behind environmental challenges, disturbed land and, in some cases, significant safety concerns,” he said.
“The future of Zimbabwean mining must, therefore, be anchored on professional exploration, responsible mine development and the continuous replacement of depleted resources. Discoveries do not happen by accident. They require patient capital, technical expertise and confidence in the investment climate. If Zimbabwe is to remain a leading mining jurisdiction and realise its Vision 2030 aspirations, exploration must become a national priority alongside production.”
The IMF visit has been described as the beginning of what could become a valuable relationship between the fund and the local mining industry.
Following the tour of Gaika Mine on Saturday, the IMF delegation is expected to continue its programme with a visit to Duration Gold’s Vubachikwe Mine in Gwanda on Sunday, before proceeding to further engagements with Government officials and economic stakeholders as part of its wider assessment mission.
Duration Gold co-director Mr Dave Easterbrook described the visit as historic for the company and significant for Zimbabwe’s mining industry.
“This is a historic visit. The team was exposed to a great deal of information and gained an on-the-ground appreciation of the Zimbabwean mining story from a private sector perspective,” said Mr Easterbrook.
The delegation toured mining and processing operations, laboratory facilities and security infrastructure, providing members with direct exposure to operational realities, investment opportunities and challenges within the sector.
The IMF’s current mission comes at a time when Zimbabwe’s economy is on a growth trajectory, which is supported by fiscal discipline, tight monetary policy and strong performances from key productive sectors, particularly mining and agriculture.
Gold production, alongside recovering platinum and lithium output, has contributed significantly to growth, while inflation has continued to moderate amid relative exchange rate stability and prudent macroeconomic management.
Overall, the IMF delegation’s engagements with private industry and Government officials are expected to inform ongoing discussions under the Staff-Monitored Programme as Zimbabwe seeks to sustain economic reforms, strengthen investor confidence and advance its international re-engagement agenda.
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