The Chamber of Mines Zimbabwe (CoMZ) has projected a rebound in the second half of this year after the subdued first quarter performance.
Last year, the mining sector suffered a major setback from the challenges presented by the global pandemic, Covid 19, which brought lockdowns across the globe and disrupted global supply chains.
Mining is one of Zimbabwe’s major contributors to its economy alongside witn agriculture which is the mainstay. The mining sector accounted for more than 60% of the country’s export earnings as of October 2018 and contributed to around 16% of the GDP.
The government has also outlined ambitious plans to scale up the mining sector’s total value of $12bn by 2023 with lithium, gold, platinum among the major contributors.
Addressing the media ahead of the of the CoMZ Annual General Meeting scheduled from 3-5 June 2021, CoMZ President Elizabeth Nerwande and Chief Executive Isaac Kwetsu jointly said 2020 was very challenging as mines were not spared from the challenges of the Covid-19 pandemic.
“The sector would see a rebound in the second quarter, we continue to work closely with the government so that we achieve our targets. Most key minerals recorded output declines in the first quarter of 2021.
Despite the subdued first-quarter performance, we are anticipating the mining sector to rebound in the second half and attain annual targets,” Kwetsu said.
While presenting the 2021 National Budget last year, Finance and Economic Development Minister Professor Mthuli Ncube said the mining sector is projected to rebound by 11% and allocated 1 billion towards the operations pf the ministry for planning, promotion and exploration among other key mining processes for the benefit of all Zimbabweans.
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