Economic Updates - Featured - Mining - Top Stories - October 29, 2021

President ED inks a US$1.4 billion MOU with ZIMPLATS

The President of Zimbabwe, Emmerson Mnangagwa has signed a US$1.4 billion Memorandum of Agreement (MOU) with Zimbabwe Platinum Mines (ZIMPLATS).

The signing of the agreement attests to the growing confidence of global capital in the Second Republic’s policies.

Speaking at the signing of the MOU today at the State house, President Mnangagwa said, the agreement reflects the importance of the mining sector in speeding up the realization of the outcomes outlined in the National Development Strategy 1 and ultimately the attainment of Vision 2030.

“It is therefore pleasing that the platinum mining sub sector has a number of developments taking place, including extensive exploration, opening up of new mines as well as expansion of existing projects.

“These will see the platinum sub-sector contribute about US$3 billion towards a target of a US$12 billion mining sector, by 2023,” President Mnangagwa.

Zimbabwe is endowed with a variety of mineral resources, these include the Platinum Group Metals (PGMs) thus, against this background, potential lies in oil, gas and rare earth elements occurrences.

ZIMPLATS’s investment is a welcome development as it will see the setting up of integrated projects which include the development of a new mine, expansion of the smelter construction of an additional concentrator, base metal refinery, sulphuric acid and the setting up of a 110 MW solar power plant.

“The net effect of these multifaceted investment programs will undoubtedly improve the standard of living for the people and create massive employment opportunities,” President Mnangagwa said.

 

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