ED to unveil US$12bn programme

The Chronicle

Farirai Machivenyika, Harare Bureau 

President Mnangagwa is today expected to launch the Strategic Roadmap for a US$12 billion mining industry by 2023 as Government pursues its goal to achieve a middle income economy by 2030.

Apart from that another major milestone in the mining industry will see the signing of a joint venture agreement between Katanga, a partnership between the Chiadzwa Community and London Stock Exchange listed exploration and mining company, Vast Resources and the Zimbabwe Consolidated Diamond Company.

Mines and Mining Development Minister Winston Chitando confirmed the developments during a Press conference last Friday.

“There has been a number of statements with regards to the US$12 billion programme but the whole programme was endorsed by Cabinet a few weeks back,” he said.

“Again in the State of the Nation Address His Excellency made reference to the fact that the US$12 billion programme would be unpacked shortly and I wish to announce that it would be announced on Monday in the afternoon so it’s now official that His Excellency will be unveiling the US$12 billion milestone next week.

“The US$12 billion will give the roadmap towards that achievement by minerals. I will leave the details to be outlined by the President.”

Minister Chitando said the diamond mining agreement would be signed next week at a date to be announced.

“We have another event next week where there will be an agreement that will be signed between Katanga and ZCDC.

“Essentially the Chiadzwa community were awarded title to some diamond concessions in Chiadzwa and they have gone into a joint venture with Vast Resources which is quoted on the LSE and that joint venture entails the formation of Katanga which is jointly owned by Vast Resources and a company representing the Chiadzwa community.

“So Katanga would be signing the agreement with ZCDC which holds the mining title,” he said.

The minister added that the details of the agreement would be availed at the signing ceremony.

The two events are in line with Government’s policy of enhancing the contribution of the mining sector to the development of the economy while benefiting local communities.

Government, through the devolution policy, whose implementation has gathered momentum in the Second Republic, is set to promote local participation in the management of their affairs and resources.

In the past the Chiadzwa community have complained that they have not derived tangible benefits from the exploitation of the diamond resources in their area.