Mining sector requires US$120m to increase production PDF Print E-mail
Sunday, 08 January 2017 17:04

Zimbabwe’s mining industry requires at least US$120 million this year to increase production to full capacity and boost export receipts for the nation.

Zimbabwe’s mining sector is forging ahead with its recapitalisation plans on the back of a rise in capacity utilisation to an average of 64 percent.

According to the Institute of Mining Research (IMR) the sector will at least require US$120 million to sustain operations and hedge against fluctuating global resource commodity prices.

IMR Chairman, Mr Lymann Mlambo said since the mining sector is capital intensive, projected mineral growth targets can only be achieved if adequate finance is mobilised.

“It is up to all the authorities to play their part for the benefit of the nation,” he said.

Zimbabwe’s overall mineral output is expected to recover in 2017, underpinned by anticipated increases in platinum at 15 percent, palladium 16 percent, gold 10 percent and nickel 10 percent.

Diamond production is also projected to rise by 8 percent and coal 6 percent.

According to the Chamber of Mines, mining industry growth in the medium to long-term, however, depends on the ability to attract investment into current and new projects, as well as investment into key infrastructure being important to sustainable development of the sector.

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