A STRONG 2022 first-quarter performance has put the mining sector firmly on course to attain the 8 percent annual growth target set by the Government, the Chamber of Mines of Zimbabwe (CoMZ) said.
CoMZ chief executive Isaac Kwesu said production statistics on key minerals extraction showed the mining industry recorded significant growth in the first quarter of this year.
The gold segment posted an 86 percent increase in mined volumes compared to the same quarter last year while lithium output grew by 83 percent followed by diamonds at 51 percent.
Coal and platinum group of metals (PGMs) redcord 21 percent and 13 percent increase in mined output, respectively.
The mining sector, which is expected to anchor short to medium term growth, generates more than three quarters of the country's annual export earnings. Zimbabwe has over 60 commercially exploitable miners.
Key minerals mined in mineral rich Zimbabwe, apart from gold, include platinum group metals (PGMs), nickel, chrome, diamonds, coal and lithium, among others.
Mr Kwesu told a media briefing on Tuesday that the Government set target was achievable, citing inroads that have been made by some mining companies this year and the prior period.
"We understand the Government has its own projection, which is about eight percent, from the industry side we believe this number is achievable just looking at what is happening on the ground, we will be able to achieve the growth target," he Kwesu.
He noted major developments by players across the sector as potential key drivers of mineral volumes in the year, particularly the resumption of operations at Shamva gold mine as well as fresh investments at Caledonia and Freda Rebecca gold mines.
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RioZim BIOX project launched last month and new expansions at How Mine are also expected to enhance the industry's upturn.
"If you look into the gold sector there has been a hive of activity, last year and this year, we are now seeing these initiatives bearing fruits, we had more than 10 major gold producers undertaking various improvements or initiatives from infrastructure to production.
"Caledonia launched their central shaft (project) this year and are expecting their production to hit 80 000 ounces this year, which is a first time record, Freda is ramping up their production, Shamva gold mine has reopened and many other initiatives that have resulted in a significant upturn," he added.
Commenting on the feasibility of achieving the US$12 billion mining industry by 2023, as targeted by the Government, the CoMZ chief executive said the sector was doing all it could for the country to realise the target,
"The industry is doing its best, to the maximum of their abilities, there has been some expansion, new mines being set up, ramp up production of existing mines all these are signs that we are committed to the US$12 billion, we will play our part because it is an all stakeholder issue," said Mr Kwesu.
The mining sector export earnings in 2021 reached US$5,2 billion, contributing more than 85 percent to national export value.
It has become Zimbabwe's lynchpin in driving the economy during turbulent times across the globe through direct and indirect linkages with other key sectors of the economy.
