Despite challenges being faced within the mining industry, President Emmerson Mnangagwa is optimistic that the achievement of a $12 billion mining industry by 2023 is achievable with concrete green fields and expansion projects now at various stages of implementation.
Speaking during the State of the Nation Address (SONA) and the Second Session of the Ninth Parliament of Zimbabwe official opening yesterday, President Mnangagwa said the government is set to unveil a comprehensive strategy and roadmap towards the attainment of the vision.
“The mining sector has continued to be a key source of export earnings, income, employment and the preferred destination for investment inflows. During the first half of the year, the sector generated US$1, 3 billion, which constitutes 68% of the country’s total export receipts.
“We will soon unveil a comprehensive strategy and roadmap towards the attainment of a US$ 12 billion mining industry in Zimbabwe, by 2023.
“The attainment of this goal is achievable, with concrete green fields and expansion projects now at various stages of implementation,” he said.
He added that the Mines and Minerals Amendment Bill is expected to be re-tabled in parliament, while amendments to the Gold Trade Act and Precious Stones Act, must ensure that the mining industry is more competitive and in sync with global benchmarks.
Meanwhile, Zimbabwe is this year targeting a 28 percent increase in mineral export earnings as the mining sector gears towards the Vision 2030 target of an annual haul of US$12 billion per annum by 2023.
Last year the country raked in US$3,2 billion from mineral exports and this year the government has set the target at US$4,2 billion.
Gold is expected to play a key role towards the attainment of this year’s target as the government has projected deliveries to state gold buying entity, Fidelity Printers and Refiners at 40 tonnes up from 33,2 tonnes delivered last year.