Zimbabwe is a nation blessed with abundant natural resources, particularly minerals.
The country is home to vast reserves of precious metals, diamonds, and other minerals that have the potential to transform its economy and improve the lives of its people.
With proper investment and management, Zimbabwe’s mineral wealth could be a catalyst for sustainable economic growth and development.
Zimbabwe’s mineral wealth is evident in the variety and scale of minerals found in the country. The country has over 60 mineral resources, including gold, platinum, chrome, nickel, diamonds, and lithium.
Zimbabwe is the second-largest producer of platinum in the world, after South Africa, and has the world’s third-largest reserves of platinum group metals (PGMs). The country is also the fifth-largest producer of lithium, which is critical for the production of batteries used in electric vehicles.
Gold is one of Zimbabwe’s most valuable minerals, with the country having some of the largest gold deposits in the world. The gold mining sector is a significant contributor to the country’s economy, accounting for over 60% of mineral exports and providing formal employment to over 30,000 people and about half a million in the informal sector.
Diamonds are another valuable mineral found in Zimbabwe, particularly in the Marange fields in eastern Zimbabwe. The Marange fields are home to one of the largest diamond deposits in the world, with an estimated 4.5 million carats of diamonds produced annually. Diamonds are also mined at Murowa near Zvishavane. The diamond industry has the potential to generate significant revenue for the country, but has faced challenges related to transparency and accountability in the past.
Apart from these minerals, Zimbabwe also has large deposits of chrome, nickel, coal, and iron ore, among other minerals These minerals have the potential to create employment opportunities, generate foreign currency, and contribute to economic growth.
The mining sector is a critical component of Zimbabwe’s economy, contributing over 12% of the country’s GDP and generating over 60% of the country’s foreign currency earnings. The sector also provides employment opportunities for thousands of people, particularly in rural areas where formal employment opportunities are limited.
However, Zimbabwe’s mining sector has faced several challenges in recent years. These include a lack of investment in infrastructure and technology, inadequate financing and credit facilities, power outages and a regulatory environment that is often perceived as inconsistent and unpredictable. These challenges have resulted in reduced productivity, lower-quality products, and reduced profitability for mining companies.
To address these challenges, the government of Zimbabwe has initiated several measures to support the mining sector. These include the creation of a new mining policy framework, the establishment of a dedicated mining investment fund, and the provision of tax incentives for mining companies.
Additionally, the government has emphasized the importance of responsible and sustainable mining practices, including environmental conservation and social responsibility. This has led to the introduction of regulations aimed at reducing the negative impact of mining on the environment and the communities around mining sites.
Meanwhile, Buy Zimbabwe in partnership with MEJRKH Communications and Media Advisory is set to host the Great Dyke Awards to celebrate excellence in mining and agriculture and other sectors such as tourism, manufacturing, tertiary education, retail and wholesale.
The awards to be hosted on the 16th of June will feature a range of categories including PGM Producer of the Year, Chrome Producer of the Year, Gold Producer of the Year, Farmers Support Champion of the Year, Retailer of the Year, Champion Manufacturer of the Year, Champion Agro Producer of the Year, and Tourism and Hospitality Champion of the Year among others.
President Emmerson Mnangagwa is expected to be the guest of honour at the event and mining suppliers will be exhibiting their products on the day.