adminAccording to the International Energy Agency (IEA) global demand for the black gold is expected to grow by 600 000 tonnes everyday over the next five years due to surging power generation in emerging economies.
Mines and Mining Development Minister Obert Mpofu said coal has become the single-largest source of electricity generation globally.
“Zimbabwe has massive coal deposits and the country will ratchet its operations to meet the demand.
“We have issued a number of special coal grants, a move that will see more players in the sector,” he said.
Currently, three companies are mining coal in the country, namely Hwange Colliery Company, Makomo Resources, and Liberation with about 20 grants having been issued to date.
Minister Mpofu said the three were meeting local demand.
“As we speak, Zimbabwe Power Company has an excess of over 500 000 tonnes and the increase in global demand is exciting news to local producers,” he said.
The IEA outlook for coal market fundamentals for the coming five years serves as a reminder of the significant challenges facing efforts to transform the global energy system to one that is sustainable, secure and low-carbon.
Makomo Resources general manager Mr Samson Mabvira concurred with Minister Mpofu that the rise in global demand was a boon for local coal miners. “It means business for us and we are assured of a market which is ideal for trade,” he said.
Makomo Resources, the second largest coal producer, is set to double coal output to 300 000 tonnes per month next year.
China is leading the global massive appetite for coal and IEA fears that events and decisions in China could have an outsize effect on coal and electricity prices around the world over the next five years. — New Ziana.
Online Reporter