To my mind, this was a case of sheer exuberance by a youthful minister seeking cheap impression through hyperboles. The figures were staked against him. In 2017, when the Second Republic was inaugurated, earnings from the mining sector stood at a paltry US$2.9 billion, even then very shaky. Our total earnings as an Economy were below US$10 billion. We all wondered how things would change for the better so soon.
Yet barely four years later, in 2021, the mining sector earned US$5.2 billion! Its earnings had nearly doubled in those four short years. As I write, the first half of 2022 has seen our earnings from mining at more than US$2.66 billion, up from US$1.9 billion achieved during the same period in 2021. This is a growth of more than 40 percent. A combination of growing export volumes and firming commodity prices internationally makes it quite feasible for us to creep towards a US$6 billion mark this year, which amounts to well in excess of 60 percent of our export receipts as an Economy. We continue to beat the cream!
The years between 2017 and now have been years of serious reorganisation in the mining sector. Old mines which had shut have reopened. Eureka, Shamva, Radnor, RioZim Cam and Motor Biox Gold Plant and lately Sinomine Bikita Minerals are some of them.
Existing mines continue to expand their operations. These include Unki and Zimplats, both working in the platinum sector.
Unki’s total PGM production for the second quarter to June 30, 2022 has surged by 38 percent to 66 300 ounces, compared to the same period last year.
This phenomenal growth owes to the concentrator de-bottlenecking project completed in the last quarter of 2021, which increased concentrator capacity from 180ktpm to 210ktpm.
New mines are coming on stream, including in the gold, lithium, iron and platinum sub-sectors. Old minerals like chrome and coal which had been abandoned today have reopened in a big way, amidst new demand for them.
Exploration continues apace, with new mineral deposits being discovered. Looking ahead, we have to concentrate on the three Es: Exploration, Extraction and Expansion of all minerals and mines.
To the three Es must be coupled greater Processing and Beneficiation/Value Addition. When all the five elements are pursued in equal measure and with greater intensity, we should be able to see our mining sector gallop past the US$12 billion mark. It can be done; it will be done, thus creating more jobs especially for our youths. This must be our focus, as we take full advantage of the unstable global situation to maximise our opportunities and earnings. Alongside Agriculture, Manufacturing and Tourism, we should be able to beat all odds, whether local or global.
I am happy the gold sector continues to do well, always surpassing targets of previous years. I see on the horizon global changes favourable to this sector. Equally, I am happy the iron mining sub-sector is set for a dramatic comeback, what with the DISCO Steelworks gradually taking shape at Manhize. As this key project takes shape, it triggers forceful growth spurts in other mining sub-sectors and of course in the steel manufacturing sector itself.
Developments in Muzarabani give us even greater hope that our extractive sector will lead the charge towards our goal of an upper middle-income economy and, thereby, towards Vision 2030. As has been witnessed by our Nation, last week saw several investment missions visiting our country.
Equally, it saw a number of significant projects being commissioned. Zimbabwe is on the rise, thanks to our adeptness at restoring a dynamic equilibrium amidst all the global turbulences.
By President Emmerson Mnangagwa for the Sunday Mail
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