Value addition key to realising US$12 billion milestone
THE country’s drive to achieve a US$12 billion mining industry milestone by 2023 should be hinged on increased value addition and beneficiation of the country’s diverse mineral resources, Mines and Mining Development Deputy Minister, Polite Kambamura, has said.
Speaking during the metal casting summit held last Friday in Harare, Deputy Minister Kambamura stressed the need to scale up local investments in beneficiation of metals and transforming the metal foundry sector.
“Beneficiation and value addition of economic metals including copper and iron ore is key in achieving a US$12 billion-dollar mining industry by 2023 and ultimately the attainment of vision 2030 of Zimbabwe becoming an upper middle-income economy,” he said.
The Second Republic has been pushing for value addition of the country’s natural resources including minerals so that the country benefits more from its resources.
Deputy Minister Kambamura said the metal casting industries in Zimbabwe, for instance, has a lot of potential to contribute to the growth of the economy.
He said the Government was committed to supporting all efforts towards resuscitating the domestic metal value chain and urged industry players to mine their own feedstock rather than depending on scrap metal and waiting for Zimbabwe Iron and Steel Company (Zisco) to resume production.
“I am informed that the metal casting industry faces significant challenges of raw material such as pig iron, silicon, coke, bentonite, limestone, ferro chrome and manganese,” said Deputy Minister Kambamura.
He said this has been compounded by the closure of Zisco, which produced huge quantities of pig iron among other raw materials.
“What is encouraging is that Government has found an investor for Zisco but foundry industry must not wait for the giant steel plant to resume production but should instead mine feedstock for their furnaces,” said Deputy Minister Kambamura.
The metal casting industry has been crying foul over export of scrap metal, which is their major raw material.
“As we grow our mining sector and in line with NDS1, the Government aims to improve the local beneficiation levels in the mining sector to ensure the country benefit meaningfully from its God-given natural resources,” said the Deputy Minister Kambamura.
He said the ministry will continue to capacitate the industry and has also banned export of scrap metal which is the major raw material.
Deputy Minister Kambamura said the ministry will also assist the industry to mine iron, chrome and bentonite which are the other raw materials required.
The mining industry is a key pillar of Zimbabwe’s economy as it generates much of the needed foreign currency.-The Chronicle
