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Saturday, May 25, 2024

Coal industry boom on cards

Story by Owen Mandovha, Business Reporter

Local coal producers are expected to benefit immensely from the ongoing rising demand for power on the local and international markets, thereby propelling the industry to the envisaged US$1 billion industry.

This comes as the world continues to reel from devastating energy challenges alongside government’s quest to augment its power needs through the Hwange Thermal Power Station Unit 7 and 8.

The Deputy Minister of Mines and Mining Development, Dr Polite Kambamura says this will anchor the growth of the coal industry to a US$1 billion industry.

“Government set the coal industry to be a US$1 billion in its contribution to the US$12 billion target by 2023 and the ongoing rising needs for power have redirected the reliance on coal as a source of power and obviously the country will benefit as local producers will see increased production,” he said.

Dr Kambamura cited another new coal project in Binga which started this week as well as the Zambezi Coal and Gas project as significant in underscoring the growth of the sector.
“A new mine in Binga by Contango Holdings has started ground work to establish a wash plant as it prepares to launch full scale production looking at the huge prospects for the industry. Zambezi Coal and Gas is going ahead with developing its coke oven to increase output in a major development in the sector,” he noted.

Last year, the Coal Producers Association of Zimbabwe announced its maiden export of coal to China signalling a major shift on the reliance on fossil fuels for energy needs, thus a boon for the local coal producers and the economy.

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