CoMZ supports US$12 billion by 2023 vision

The Chronicle

Oliver Kazunga, Senior Business Reporter

THE Chamber of Mines of Zimbabwe (CoMZ) says it fully supports Government’s vision of attaining a US$12 billion mining sector by 2023 adding the target is achievable.

CoMZ president Ms Elizabeth Nerwande said the journey towards a US$12 billion mining sector inside four years would entail all stakeholders working together with unity of purpose, clarity and determination.

“We need to be a team and align policy recommendations with a win-win outcome. As mining sector, we are up to the task,” she said yesterday, adding that an increase in production translates into improved returns on investments and other spin-offs for communities within which the mines operate.

The US$12 billion represents a 344 percent jump in export revenues from the US$2,7 billion achieved as at December 31, 2017. 

Last year, the figure increased to US$3,2 billion.

In his speech during the launch of the roadmap on Monday, President Mnangagwa said the mining sector presents enormous growth prospects towards the speedy attainment of the national vision to become an upper middle-income economy by 2030. 

He indicated that the attainment of Vision 2030 was premised on the mining sector making huge contributions to economic growth, emphasising that the target set by the industry to generate annual revenue of US$12 billion by 2023 was realistic and will be achieved.

Yesterday, the CoMZ welcomed the roadmap, while emphasising the importance of increasing production and growing the country’s economy.

“We have a shared vision with Government and we are on this journey together. A lot of activities have been taking place behind the scenes. 

“We have been having strategic reviews mineral by mineral to ascertain how we can realise this vision. 

‘We need to make sure we move in tandem with the growth,” said Ms Nerwande.

She noted that for the mining sector to meaningfully contribute to the overall growth of the economy and achieve US$12 billion by 2023, it was critical for stakeholders to deliberate on key issues. 

In this light, she stressed the need to speedily conclude the development of a consolidated fiscal regime for the ease of doing business.

“Looking at the power crisis, we need to bear in mind that mines operate 24/7, and this means power must be available at all times. 

“The intermittent power outages cause loss  in production and output, which lowers turnover.

“The President mentioned that we must adopt a new culture of ‘WE’ feeling and remove ‘US’ and ‘THEM’. 

“How do we rearrange ourselves to remain in business and relevant to our operations but above all achieve vision $12 billion by 2023? 

“We need to build and maintain sustainable relationships based on mutual trust for the growth of the mining sector.”

She said CoMZ was happy despite heavy challenges the industry has been experiencing in the first six months of the year and they have been engaging in fruitful and meaningful dialogue on all the issues affecting the mining sector.

“Some issues have been addressed, and some are still outstanding, but we are confident, if we continue with sincerity in our negotiations we will achieve the target. 

“Our main goal remains on attaining results,” said Ms Nerwande.