Online Reporter
Nqobile Bhebhe, [email protected]
VICE-President (Retired) Dr Constantino Chiwenga has described Zimbabwe as “a mine”, highlighting the country’s vast mineral wealth and urging increased financing for exploration to unlock new discoveries and drive mining sector growth.
Speaking at the Mine Entra Exploration Symposium in Bulawayo on Thursday, Dr Chiwenga said Zimbabwe’s geological diversity presented enormous opportunities for investors, particularly as global demand for critical and strategic minerals continues to rise.
He said exploration remained the foundation of the mining value chain and required patient capital and long-term commitment before commercial production could begin.
“In the stages of the mining value chain, discoveries require sustained investment, long before commercial production begins.
“It is therefore encouraging that at this symposium, we have financial institutions, investment promotion agencies, the Zimbabwe Stock Exchange, and development partners to explore innovative approaches to financing exploration,” he said.
Dr Chiwenga acknowledged that mineral exploration was a high-risk undertaking but said the potential returns justified increased investment.
“While it is a risk, it is also highly profitable, so it balances itself,” he said.
The Vice-President said Zimbabwe’s mineral endowment provided investors with multiple opportunities, noting that exploration success could yield different commodities across the country.
“We say in this confidence, Zimbabwe is a mine. So if you do it well, a mine is the entire country.
“You might fail to get gold, but you might get diamonds. If you cannot get diamonds, you get copper or nickel and so the list is endless,” he said.
He said increased exploration would result in new mineral discoveries while sustaining growth in the mining industry, which remains one of Zimbabwe’s major economic pillars.
Dr Chiwenga called on exploration companies to uphold international standards in corporate governance, transparency, technical reporting and environmental responsibility.
“Exploration companies must continue to uphold the highest standards of corporate governance, transparency, technical reporting, and environmental responsibility,” he said.
He said adherence to best practices would enhance Zimbabwe’s reputation as a preferred mining investment destination while ensuring that mineral resources contribute to long-term economic development.
The symposium brought together Government officials, mining executives, geologists, financiers, investment promotion agencies, the Zimbabwe Stock Exchange and development partners to discuss ways of increasing exploration investment and unlocking the country’s untapped mineral potential.
The symposium is being held as part of the 29th edition of Mine Entra, Zimbabwe’s flagship mining, engineering and transport exhibition, which has placed mineral exploration at the centre of efforts to promote sustainable mining growth and future investment.
