US$12bln mining industry target on course : ED

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Bulawayo – Zimbabwe is on course to attain its target of a US$12 billion mining industry by 2023, President Emmerson Mnangagwa said on Monday.

Addressing the 42nd anniversary of Zimbabwe’s independence from Britain here, President Mnangagwa said this was due to positive policy interventions by government in the mining sector.

“The mining sector has immense potential to spur socio-economic development and growth of our economy.

“Due to the responsive strategies, we are on course to achieve the target of a US$12 billion mining industry by 2023,”he said.

President Mnangagwa said it was also pleasing to note that Artisanal and Small to Medium Scale Gold Miners contributed 62 percent of the total gold deliveries to Fidelity Printers in 2021.

Recently, Zimbabwe assumed the Vice Chairmanship of both the Kimberly Process Certification Scheme and the African Diamond Producers Association, subsequently becoming Chair in 2023.

President Mnangagwa said these portfolios will be leveraged to achieve maximum value for our diamond mining sector.

The President highlighted that the country was enroute to becoming energy sufficient before the end of 2022.

“The provision of reliable and affordable energy and power is pivotal to performance across all sectors. The Hwange Power Station Expansion Project will soon add Unit 7 by end of this year.

” Accommodative requirements and incentives have seen more investments in solar and the renewable energy sub-sector towards the reduction of our carbon footprint and a broader energy supply mix,” he said.

President Mnangagwa said capacity utilisation in the manufacturing sector has increased beyond 65 percent , resulting in locally produced basic consumer goods constituting about 70 percent of the market.

” The development of rural industrialisation is being prioritised, leveraging on the various unique resources within our communities.

“Meanwhile, total exports are projected to grow by 10 percent this year, following the penetration of the export market by more of our businesses, including those at the grassroots level,” he said.

The 42nd independence celebrations are running under the theme :” Zim @42 :Leaving noone and no place behind”.

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