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Zimbabwe is endowed with vast mineral deposits and the creation of the mineral exploration company is aimed at determining the extent of the country’s mineral wealth.
“The formation of the mineral exploration company is almost complete,” he said.
Last year, Cabinet approved a draft framework for establishing the entity, which will be a joint venture between Government and a private investor.
“We are hoping that it will be established before the third quarter of the year,” said Mr Mupazviriho without elaborating further as he did not have more details offhand.
The absence of extensive exploration work has resulted in the country failing to determine the extent of its mineral wealth.
As a result, the Government has, in some instances, become aware of the existence of certain mineral deposits after invasion by illegal miners.
It was only after illegal miners invaded Marange diamonds fields in Manicaland that Government became aware of the vast deposits of the precious stones in that part of the country.
Mines and Mining Development Minister Dr Obert Mpofu is on record saying the mining industry was a major economic driver and employment creator, therefore the need for significant investment in mining exploration.
Economic analysts have observed that despite the availability of geotechnical information, Zimbabwe remained largely under-explored.
They said the decision to establish the exploration firm was a step in the right direction as Government has indicated that the company will conduct exploration activities and build an inventory of bankable projects that can be marketed to potential local and potential investors.
In line with this development, the Ministry of Mines and Mining Development has resumed processing of Exclusive Prospecting Orders, a move that will lead to the clearance of the present backlog and the subsequent opening up of ground for exploration.
Online Reporter