Zim eyes USD30bn mining industry by 2030

Business Top Stories Zimbabwe

Ndaka Majaka

ZIMBABWE is eyeing a USD30 billion mining industry by 2030 as the country strives to achieve Upper Middle Income Status in the next decade, a cabinet minister has said.

Mines and Mining Development Minister Winston Chitando said while the country is working towards achieving annual revenues of USD12 billion by 2030, the mining sector has seen an increase in capital inflows, with over 15 new mining projects anticipated to come online in the near future.

“A minimum of USD20 billion will be the target for 2030. The figure will be upgraded going forward,” Chitando said at the launch of Zimbabwe’s roadmap for a USD12 billion mining industry by 2023.

The former Mimosa Mining Company boss highlighted that of the expected USD12 billion, USD4 billion is expected from gold, USD3 billion from platinum, USD1 billion each from diamonds, coal and hydro-carbon as well as another USD1 billion from chrome, iron ore and steel. USD500 million will come from lithium while an additional USD1,5 billion is expected from other minerals.

Speaking at the same event, President Emmerson Mnangagwa said the country has recorded improved investor sentiment.

“The USD12 billion is not an end on its own. We have a number of projects on the cards, both greenfield and brownfield,” the President said.

Meanwhile, Chitando said Zimbabwe anticipates to begin electricity exports by 2024 on the back of an expected 2 000 Megawatts to be generated by new investors.

He also said Zimbabwe will be fuel-sufficient by 2030.