Chronicle Editor
Nqobile Bhebhe, Senior Business Reporter
THE annual Chamber of Mines of Zimbabwe conference kicks off in Victoria Falls today, amid renewed optimism by players that the sector is on a rebound, which has seen several mines being re-opened in the country.
President Mnangagwa is set to officially open the conference tomorrow under the theme: “Consolidating growth drivers for the mining industry.”
The mining industry is one of the major economic mainstays to anchor the country towards an upper-middle-income economy by 2030.
This week’s conference, which runs up to Saturday, is the main flagship event of the Chamber of Mines of Zimbabwe.
It is used as a platform for marketing, branding and engaging with stakeholders in the mining industry.
Vice-President Chiwenga, Finance and Economic Development Minister Mthuli Ncube, Reserve Bank of Zimbabwe Governor, Dr John Mangudya and chief executive officer of the Botswana Chamber of Mines, Mr Vusi Mabena are among the line up of speakers.
Chamber of Mines chief executive officer Mr Isaac Kwesu said the conference comes at a time when the outlook for the mining industry is positive, buoyed by an encouraging commodity price upturn that has seen mineral prices surpassing their long-term averages.
“The 2022 Mining Conference comes at a time when there have been significant positive developments in the industry that has seen the commissioning of the mines in key sub sectors including gold, coal and lithium.
“The industry is on a recovery path, rebounding by 3,4 percent in 2021 from a Covid-19 induced contraction of nine percent in 2020.
“The outlook for the mining industry is positive, buoyed by encouraging commodity price upturn that has seen mineral prices surpassing their long-term averages.
“Most key minerals recorded growth with gold registering 86 percent, lithium 83 percent, diamond 51 percent, coal 21 percent, platinum 13 percent, and nickel 13 percent,” said Mr Kwesu.
He said the theme of the conference recognises the current growth and inherent potential of the mining sector as well as the opportunity that entails the whole economy to align with the Government’s target vision of 2030.
The country is targeting to grow export revenue from minerals to US$12 billion by 2023 as it seeks to transform the country into an upper-middle-income economy by 2030.
The US$12 billion mining industry represents a 344 percent increase from the US$2,7 billion registered in 2017.
The growth of a multi-billion-dollar industry will be driven by gold, platinum, diamond, chrome, iron ore, coal, lithium, and other strategic minerals, officials say.
Among the key deliverables, the roadmap entails enhanced exploration, measures to ensure optimum benefits to the citizens, increased exports and foreign currency generation, enhanced investment and capacity building, increased productivity and employment creation as well as value addition.
During the conference, a sideline symposium will be held under the theme: “Unleashing the potential of the Zimbabwe Gold Industry,” and Mines and Mining Development Minister Winston Chitando will be the guest of honour.
The executive secretary for the Tanzania Chamber of Mines, Mr Benjanim Mchwampaka, will be the main speaker and is expected to among other issues share experiences in growing the gold sector. — @nqobilebhebhe
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