By Business Reporter – Saturday 18 July 2020
LOCAL – HARARE (Mining Index) – GOVERNMENT has set priority areas to transform the mining sector in order to realise the US$12 billion mining target by 2023.
During the 2020 Mid-Term Budget and Economic Review presentation by Finance and Economic Development Minister Mthuli Ncube, reforms are on-going and on course.
“Priority policy areas to attain this target (US$12 billion target) and other TSP benchmarks include reviewing and updating mining legislation, enhancing exploration and investment in mining, modernisation and computerisation of the mining title administration system (mining cadastre), improving transparency in the mining sector and establishing a viable fiscal regime,”
“Furthermore, beneficiation and value addition of minerals to create more jobs and earn more foreign currency are priorities for the sector,”
“Reforms in the above areas are on-going and on course to attaining the US$12 billion target,” said Mthuli.
Mining associations and civic groups have been calling for transparency and order in the mining sector, which is marred by corruption, mineral leakages, inconsistency in pricing of certain minerals and lack of an online portal to ease activities and transactions in the mining sector.
Miners are disgruntled with delays in the implementation of the automation of the Mining Cadastre Information System, which is expected to assist miners to interact directly with the Ministry of Mines and Mining Development in submission of new applications, view licenses or permit details, uploading of statutory reports and check application status online and in real time. Last year, Mthuli allocated US$1.7 million towards operationalization of the cadastre project.
Chrome producers have been selling their chrome for a paltry US$12 per tonne, and for years, have been clamouring for government to put in place a Chrome Policy that is expected to iron out discrepancies in the chrome sector, chief among them, addressing the chrome price.
Zimbabwe’s mining sector is the largest foreign currency earner, contributing 60 percent of total foreign currency earnings and about 8 percent of the Gross Domestic Product (GDP). ENDS// www.miningindex.co.zw
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