, pub-3787448768440954, DIRECT, f08c47fec0942fa0 [google-translator]

ED warns US$12bn plan under threat

PRESIDENT Emmerson Mnangagwa said time was running out for the mining sector, which has undertaken to ramp up output and increase annual forex revenues to US$12 billion.

The industry currently generates about US$2 billion annually.

Under a roadmap announced by Mines minister Winston Chitando about two years ago, most mineral volumes will rise after the ramp up, with gold and platinum expected to contribute at least US$3 billion each.

In his address at the Chamber of Mines conference Mnangagwa said 2023 was just 18 months away and concerted efforts were required to boost output.

“Considering that 2023 is 18 months away the mining sector must take stock with regards to the realisation of a US$12 billion mining economy,” Mnangagwa told the conference.

“With unity of purpose, collaboration and increased investments, the sector is bound to reach greater heights. The institution of various measures targeted at attracting investment, enhancing exploration activities as well as opening of new and idle mines is set to further augment ongoing efforts. This should see Zimbabwe edging closer to the goal of being an upper-middle income country by 2030, while simultaneously addressing the global aspirations of the Sustainable Development Goals and Africa Agenda 2063,” Mnangagwa

“We have sanctions on us, but we can’t cry day-in day-out. We must try to prosper in the presence of sanctions. A Minister of Finance who gets 60% of export revenue from the sector must make that sector comfortable. I was happy that there were no complaints against him,” he said, referring to Finance minister Mthuli Ncube.

“I see less focus on beneficiation and value addition on the minerals you produce. Yes, in platinum they are doing something. I don’t see much in gold and diamonds,” he said. Newsday

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