Mining industry sets US$4billion target for 2020

By ZBC Reporter

THE Minister of Mines and Mining Development, Cde Winston Chitando says mining sector operations are this year expected to contribute US$4 billion to the economy due to fresh capital injection on new and existing projects.

Exploration of minerals, recovery in output and revival of closed units is also expected to increase operations in the sector.

Mines and Mining Development Minister Cde Winston Chitando told the ZBC News this Monday, the sector is confident of achieving its annual targets.

“We are optimistic of the figure remember last year it was over US$2,7 billion and we need to set the bar higher,” said Minister Chitando.

Minister Chitando spoke on the need to stamp out the holding of mining claims for speculative purposes.

“It is our key worry and we hope to tackle the issue as an urgent one for transparency in the long term,” the minister added.

Mining sector operations accounted for over 70 percent of Zimbabwe’s foreign currency receipts last year, according to a chamber of mines report.