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Tuesday, May 28, 2024

Mining sector reforms bearing fruits

Story by Davison Vandira

The Second Republic is delivering its promise on instituting macroeconomic reforms in productive sectors of the economy, particularly the mining industry which is attracting investors in line with the National Development Strategy One aspirations.

THE mining sector’s performance over the past two years has been phenomenal with various greenfield projects for Lithium, platinum and steel having been established while a number of defunct gold mines have been resuscitated and are now fully operational.

The US$12 billion mining industry target has been given impetus by the new projects and remains on course to be attained by the end of this year.

Under National Development Strategy One, the efficiency of productive sectors is a key priority hence mining greenfield projects blend well with the country’s economic expansion aspirations.

According to the Deputy Minister of Mines and Mining Development, Honourable Polite Kambamura, government will continue with its thrust of attracting Foreign Direct Investment into the sector for sustainable economic development as mining activities trigger other downstream and upstream economic industries enabling the country to attain Vision 2030.

“As government, we are very much optimistic that the liberalisation of the mining sector to attract investment has been a success and we are continuing with the same trajectory that is certainly going to be the key driver of our economy and we are going to leverage on these new projects to bring economic certainty,” he said.

The mining sector is earmarking a US$12 billion extractive industry by the end of the year with new developments expected to complement existing projects to attain the vision.

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