Govt targets US$4bn in mining exports

Source: Govt targets US$4bn in mining exports | The Herald April 24, 2019

Govt targets US$4bn in mining exports
Minister Chitando

Ishemunyoro Chingwere Business Reporter
Zimbabwe is this year targeting a 28 percent increase in mineral export earnings as the sector gears towards Vision 2030 target of an annual haul of US$12 billion per annum by 2023.

Zimbabwe last year racked in US$3,2 billion from mineral exports and this year Government has set the target at US$4,2 billion.

Vision 2030 was set by President Mnangagwa as an anchor for economic revival to an upper middle-income earning status.

This year’s target was announced by Mines and Mining Development Minister Winston Chitando when he spoke at President Mnangagwa’s progress update tour of Karo Resources’ mine in Mhondoro last week.

Gold is expected to play a key role towards the attainment of this year’s target as Government has projected this year’s deliveries at 40 tonnes up from 33,2 tonnes delivered at state gold buying entity, Fidelity Printers and refineries.

Diamonds are also expected to play a key role in the attainment of this year’s target and state
miner, Zimbabwe Consolidated Diamond Company (ZCDC), is running with a target of 4,1 million carats for the year, up from 2,8 million carats mined out last year.

“As part of (the mining sector’s) contribution towards the Vision 2030, the mining sector has had targets set for it by His Excellency to contribute US$12 billion (per year in exports) by the year 2023,” said Minister Chitando.

“(US$12 billion will be) up from US$2,7 billion in 2017, US$3,2 billion in 2018 and a projected US$4,2 billion in 2019.

“The US$12 billion, which His Excellency has set, I can safely say that will be achieved.

“There are a number of minerals, which will play a pivotal role in achieving that US$12 billion, which include gold, diamonds, coal, hydro-carbons, stainless steel, ferrochrome and nickel and last but not least, platinum,” he said.

Government is also pinning increased output from operationalising Zimbabwe Mining Development Corporation’s (ZMDC) assets most of which are lying dormant due to a variety of reasons among them debilitating legacy debts, lack of investment — which the new dispensation is working to address under President Mnangagwa’s “Zimbabwe is Open for Business” mantra.