Harare, Jul 22 (IANS): Zimbabwean President Emmerson Mnangagwa has said his government's target to achieve a $12 billion mining industry by 2023 is achievable given the growing momentum in the industry.
He added on Thursday that it was encouraging that 2021, and despite the negative effects of the Covid-19 pandemic, the mining sector's performance amounted to $5.2 billion from $2.9 billion in 2017, Xinhua news agency reported.
"Well done to the sector stakeholders for a commendable performance," he said while opening the annual mining exhibition in the second city of Bulawayo on Thursday.
He added that since assuming power in 2017, he had commissioned various signature mining projects in the areas of exploration, extraction and expansion covering minerals such as lithium, platinum and gold, adding that more projects will be coming on stream between the next 20-24 months.
"The $12 billion target is, therefore, within reach and set to see the realisation of a diversified, integrated, modern and industrialised economy synonymous with a prosperous society," Mnangagwa said.
Mining is strategic to the Zimbabwean economy, accounting for more than 60 per cent of foreign currency receipts annually and 13 per cent of GDP.
Mnangagwa pledged more incentives to mining sector investors and called for the efficient organisation and syndication of the artisanal, small to medium-scale miners in the mining sector.
"Going forward, I call upon the sector to rally its players to adopt contemporary and appropriate mining technologies across the mineral value chain. This must result in the efficient extraction and guarantee realisation of the maximum value from our God-given endowments," the President said.
He also called on the sector to venture into local production of quality and competitively priced mining consumables in line with "Buy Zimbabwe; Made in Zimbabwe; Build Zimbabwe" initiative.
"Riding on increased capacity utilisation of the various mining houses, there is no excuse for the continued importation of mining consumables and related accessories such as mill balls and conveyor belts, among others," Mnangagwa added.