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Zim US$12 Billion Economy By 2023 Getting There – Chitando

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Mines and Mining Development Minister Hon Winston Chitando has told TechnoMag that President Mnangagwa’s government is on course to attain US$12 billion mining industry by 2023.Chitando said his vision has already surpassed beyond expectations and more than half way in attaining 12 billion United States dollars mining economy by next year.

In a no holds barred interview with TechnoMag last year Minister Chitando pointed a lot of progress including, “Bravura which is owned by a Nigerian investor, which has completed its drilling and was ready to open its first box cut.”

Chitando mentioned a lot of gains which have made a lot of head way toward attainment of a 12 billion United States dollars mining economy stating that even, “In the coal ang hydrocarbon sector, there were thermal power projects at various stages of development.”

Chitando added that “The sector is expected to contribute more than US$1 billion to the mining industry target.”

Though chrome production declined, ferochrome producing firns have increased or maintained production according to Chitando.

Chitando added that, “Chinese – owned Africhine Smelting had installed two more smelters at its plant in Selous, while KweKwe based Zimasco, one of the largest ferochrome producers, maintained it’s production capacity.”

Chitando in an exclusive with TechnoMag, mentioned that, “In the diamond sector, the Zimbabwe Consolidated Diamond Company (ZCDC) wholly owned by the government, is looking to produce 3 million carats this year.Another diamond miner, Owned Alrosa, has also been developing sites in the country.”

Chitando said “Mining industry alone accounts for 75% of the country’s total forex receipts while last year’s figures confirm that mining is key in the attainment of President Mnangagwa’s vision 2030.”

According to the interview Chitando gave TechnoMag, “Under the US$12 billion mining roadmap, gold is expected to contribute US$4 billion, platinum US$3 billion, while Chrome, iron, steel, diamonds and coal are expected to rack in US$1 billion.Lithium will produce US$500 million with other minerals contributing US$1,5 billion.”

Government introduced incentives for gold and other precious metals, which have played a significant role in increasing productivity and putting a fatal blow to the scourge of stemmed smuggling.

Government has been praised for creating an enabling mining environment through incentives which have tripled gold production in the first month of the year.

The mining sector is one of the economy’s top productive sectors and best contributors to the Gross Domestic Product.

Analysts are optimistic that with production incentives in place, the economy is well on course to perform according to its potential.

The mining industry’s generation of about three quarters of the country’s total forex receipts is key in the march towards Vision 2030 by which it is expected to generate more than US$20 billion.

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