Mining sector key to realising Vision 2030

Story by Tarirai Madhuyu

GOVERNMENT is convinced the mining sector has the potential to anchor sustainable economic growth towards achieving Vision 2030.

In his presentation at the Zimbabwe National Defence University (ZNDU) in Harare this Thursday, Mines and Mining Development Minister, Honourable Zhemu Soda noted the potential of the mining sector in the attainment of an upper middle-income society by 2030.

“The mining sector is destined to sustainably grow the economy considering that more than 60 per cent of export earnings is contributed by mining. The mining sector has more than 45 000 people who are directly employed. In 2023, the mining sector receipted more than US$5,4 billion compared to US$2.7 billion receipted in 2017,” he said.

In line with the National Development Strategy One, the mining sector is endowed with vast investment opportunities ready for exploitation.

He added, “There are several investment entry points which might be through acquisition of prospecting licenses and registration. Joint ventures with existing mining companies as well as the jewellery manufacturing can be utilised.”

Mining sector targets are also on course, with the government’s ‘use it or lose it’ policy contributing immensely to sustainable economic growth.

“We achieved our 2022 target by realising US$5,2 billion in foreign direct investment and also a US$5.4 billion realised on export receipts. The policy also comes up with other alternatives for doing business. These include joint ventures and establishment of custom milling centers as well as leasing and contributing to existing properties,” he reiterated.

The presentation also touched on sustainable mining practices, health and safety requirements, tax compliance, environmental requirements, societal impact of mining activities and strategies to develop the mining sector, among other key issues.