Home News Breaking: Govt Allocates $290 Million To Mines Ministry for Capacitation.

Breaking: Govt Allocates $290 Million To Mines Ministry for Capacitation.

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The government has allocated ZWL$293.2 million to the Ministry of Mines and Mining Development for its capacitation in terms of planning, promotion of exploration, data capturing and automation among other uses.

Speaking during the 2020 national budget presentation , Minister of Finance and Economic Development Mthuli Ncube said the mining sector is projected to rebound by 4.7% on account of the expected improvements in the availability of electricity.

“Mr Speaker Sir, realisation of the US$12 billion mining industry target by 2023 will be advanced through the 2020 Budget. The sector is projected to rebound to 4.7% on account of the expected improvements in the availability of electricity.

“With regards to gold mining, Government is aware of challenges related to ring-fencing arrangements, retentions, gold deliveries to Fidelity Printers, among others, and these are receiving serious attention.

“Going forward, investment agreements in platinum, gold and chrome among others which have been concluded, are expected to boost output in the sector,” he said.

He added that the Minerals Marketing Corporation of Zimbabwe will be supported through a credit guarantee scheme to provide funding and support to non-gold sector.

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“Furthermore, in 2020, the fiscal regime for the mining sector will be fine-tuned and improved, while the Ministry of Mines and Mining Development will be resourced to enhance exploration which is critical for expansion in the sector. This will allow the ministry to acquire relevant equipment such as computers, among others.

“Minerals Marketing Corporation of Zimbabwe will be supported through a credit guarantee scheme to provide funding and support to non-gold sector.

“According, I am allocating ZWL$293.2 million to the Ministry of Mines and Mining Development for its capacitation in terms of planning, promotion of exploration, data capturing and automation, among others.

“Mineral exports remain the major sources of foreign currency, especially gold. However, leakages have been on the rise, depriving the country of foreign currency earnings.

“Government is, therefore, reviewing and tightening the Gold Trade Act, and capacitating the Gold Mobilisation Unit,” he added.

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