The Mines and Minerals Amendment Bill is now before the Cabinet Committee on Legislation and is expected to be tabled before the full Cabinet in two weeks’ time before being brought to Parliament.
This was said by Mines and Mining Development Minister Winston Chitando when he appeared before the Portfolio Committee on Mines and Mining Development.
The initial Mines and Minerals Amendment Bill was passed by Parliament last year, but President Mnangagwa declined to assent to it and referred it to Parliament.
President Mnangagwa expressed reservations on some of the clauses in the Bill, which he felt might violate property rights.
One of the reservations included a clause that conferred rights on a miner ahead of a farmer where a mineral would have been found on agricultural land.
The coming in of the law is seen by experts as critical to the attainment of the US$12 billion annual revenue by 2023.
Minister Chitando said the mining sector is on track to meet the target and the ministry is presently carrying out an assessment of performance of the industry since the launch of the policy in 2019, which is set to be released at the end of this quarter.
In the platinum mining sector, existing entities namely Zimplats, Unki and Mimosa are expanding their operations while new projects are at various stages of development.
Great Dyke Investments has opened two box cuts at its site in Darwendale and would be operational by 2023 while Bravura, which has operations near Zimplats, has completed its drilling and would open its first box cut by the middle of the year.
Karo Resources, also in Selous, is completing its exploration.
Minister Chitando said in the coal and hydrocarbons sector, there were various thermal power projects at various stages of development with the sector likely to beat its expected contribution of US$1 billion to the overall US$12 billion target.
In the chrome, nickel and steel sectors, Minister Chitando said chrome production had declined although companies in the ferrochrome sector had increased or maintained production.
Afrochine Smelting has installed two more smelters at its plant in Selous while Zimasco has maintained its production capacity while Jinan Corporation is expanding its smelting capacity.
A ground-breaking ceremony for a carbon steel plant in Manhize in Mvuma would be held in June.
In the diamond sector, the Zimbabwe Consolidated Diamond Company (ZCDC) is looking to produce three million carats this year while Murowa Diamonds is investing US$450 million in expanding its operations.
Another diamond miner, Alrosa, is developing its sites in Malipati, Mwenezi and Tsholotsho.