Mining export potential lifted
Zimbabwe’s mining sector has potential to export US$18 billion annually, up from about US$2,7 billion achieved in 2017, the country’s ambassador to Australia Joe Mhishi has said.
Ambassador Mhishi was speaking at the ongoing investment conference in Perth, Africa Down Under (ADU), which brings investors scouting for opportunities in Africa under one roof.
ADU prides itself with delivering a leading forum for Australia-Africa business relations and having been introduced to raise awareness of Australia’s interests in African mining and energy.
It has now grown to become arguably the largest African-focused mining event held outside the continent itself, and its importance continues to be reflected in the number of high-profile attendees.
With its vast but largely under exploited mining sector potential, Zimbabwe is one of the major investment green shoots on the continent, which investors are taking a keen interest in and this has been further boosted by President Mnangagwa’s “Zimbabwe is open for business” drive.
It is against this background that Ambassador Mhishi sought to woo Australian investors to the country with an impressive pitch.
The envoy, in line with the Government’s economic diplomacy thrust, told the investors that Zimbabwe is currently pursuing a 2023 mining sector milestone which seeks to grow mining exports to US$12 billion annually but there is potential of surpassing this target.
To achieve this, Ambassador Mhishi told the investors that Zimbabwe is prioritising expansion projects in already existing mining ventures as well as greenfield investments.
“Mining has a major attraction in Zimbabwe with over 60 internationally tradable minerals and only 10 of these are being fully mined which points at the importance of Australian mining sector investors embarking on greenfield investments in Zimbabwe,” said Ambassador Mhishi.
“Zimbabwe’s 800 mines have a potential to produce as much as US$18 billion every year from the mining sector.
“However, since 2009, the sector has been producing on an annual basis about US$2 billion.
“This is just about a tenth of the potential that the country has and it shows the immense potential for investment from Australian investors with interest in the mining sector.
Ambassador Mhishi’s assertion comes as the Government through Mines and Mining Development Minister Winston Chitando has previously noted that the 2023 milestone is as good as achieved.
Almost every mining house operating in the country has committed to undertake production expansion in order to accelerate the envisaged growth.
This is backed by strict Government monitoring under the “use it or lose it”
principle where speculative hoarding of mining assets is being dissuaded and miners being asked to push production to levels that are in sync with the potential of their assets.
President Mnangagwa has identified mining, together with agriculture as the key pillars with which Zimbabwe will rebuild its economy to upper middle-income status by 2030.-herald.cl.zw
