A mineral asset valuation expert has raised alarm over Zimbabwe's mining sector's paltry US$11 million annual spend on exploration, warning that the country risks missing out on vast untapped mineral value unless both government and industry invest more.

Mining exploration is the systematic process of locating economically viable mineral deposits through geological, geophysical and geochemical methods. It is the first and most critical stage of mining, involving mapping, surveys and exploratory drilling to identify potential ore bodies before mining decisions are made.

Speaking to NewZimbabwe.com on the sidelines of the inaugural Zimbabwe Gold Investment Conference on Monday, Ernst & Young Associate Partner Dr Godknows Njowa said Zimbabwe's exploration spending remains far too low.

"In terms of exploration, Zimbabwe spends only 0.2% of annual global exploration expenditure, and within Africa, we contribute just 2%. Yet Africa's total share is around 9%," he said.

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"So this shows that in Zimbabwe, we are not spending enough money on exploration. During my presentation, I gave the example of Canada, which is the highest spender in the world at about 20% of the annual global exploration budget."

Njowa warned that Zimbabwe continues to lose opportunities, saying the country has the potential to double its current gold output if it adequately explores and develops new deposits.

"For decision makers, both government and private sector, more money must be allocated to exploration. Gold mining companies globally are making super profits because prices are at levels not seen in the past 30 or 40 years.

"So some of that money should be reinvested into exploration. You need to spend between US$50 and US$80 per ounce of what you produce on exploration," he added.