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Zimbabwe embarks on $12 billion mining project to reform economy

Zimbabwe’s President Emmerson Mnangagwa yesterday launched the nation’s strategic roadmap to achieve a US$12 billion mining industry by 2023 as economic crisis deepens in the Southern African Nation.

The Zimbabwean Government is ramping up efforts to increase the mining sector’s contribution to the economy. Already, the mining sector is critical in generating foreign currency, contributing about 70 percent of the country’s forex earnings, according to the Herald Zimbabwe.

On his twitter account president Emmerson Mnangagwa revealed how gifted the nation is in natural resources.

“Zimbabwe is endowed with vast natural resources & is host to more than 40 different minerals, precious metals, base metals, industrial metals & gemstones.”

He went further to explain how the mining sector can be exploited to reform the economy, “the mining sector will drive other sectors, creating decent jobs, spurring infrastructure development, & increasing export earnings. As we continue to reform our economy, we must ensure our strategic sectors play their part in making hope & prosperity a reality for all.”

Speaking at the same occasion, Zimbabwe’s Mines and Mining Development Minister Winston Chitando illustrated how meeting the US$12 billion mining industry target could change the country’s fortunes.

The projected increase represents a 344 percent jump from US$2,7 billion achieved in 2017.

During the ceremony a  joint venture agreement was signed between Katanga, a company established by the Chiadzwa community and London Stock Exchange listed Vast Resources and the Zimbabwe Consolidated Diamond Company, for the roadmap project. The Chiadzwa community was recently given diamond-mining concessions in the area.

Zimbabwe’s leader Emmerson Mnangagwa ever since he was made president pleaded for time and patience to bring the country’s economy back from the “dead”, as his government faces blame for surging inflation that evokes dark days under late former leader Robert Mugabe.

Hopes that the economy would quickly rebound under Mnangagwa, who took over after Mugabe was deposed in a coup in November 2017, have faded fast with Zimbabweans grappling with acute shortages of fuel and electricity as well as soaring prices.

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