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Friday, March 31, 2023

Favourable policies to spur mining growth                     

By Stanley James, Business Editor

The government has pledged to play its part in ensuring the mining sector remains attractive to investments, with the broader aim being to accelerate growth in line with the 12 billion United States dollar mining industry target by 2023.           

The mining sector continues to play a pivotal role in the economy as official data from the Reserve Bank of Zimbabwe indicates it is accounting for over 75 per cent of total merchandise exports.  

With the mining firms accounting for over 70 per cent of the country’s capital goods import requirements, central bank authorities have pledged more support towards retooling and mechanisation of mining companies.         

Reserve Bank of Zimbabwe Governor Dr John Mangudya said, “I think we are on course to ensure growth subject to a rise in terms of our foreign currency allocations to the sector.

Government is upbeat that favourable policies will result in the sector achieving a US$12 billion mining economy next year.                 

Mines and Mining Development Minister Honourable Winston Chitando noted, “The policies being put in place are merely tailor-made to accelerate growth to such an extent that there is growing confidence the sector will attain the targets.”

Government is grateful to mining sector players for being a key pillar of the national development drive.   

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