The government needs at least US$5 billion to revive the mining sector and increases capacity utilisation from the current 50% to 100% in the next five years.
Speaking on the sidelines of a Parliamentary Portfolio Committee on Mines and Energy Workshop in Victoria Falls, the first Vice President of the Chamber of Mines of Zimbabwe, Mr Winston Chitando, said for the sector to fully recover, several issues including access to power and finance also need to be looked into.
He added that mining can contribute more significantly to the Gross Domestic Product if the sector is fully capacitated.
The Chairperson of the Parliamentary Portfolio Committee on Mines and Energy, Cde Edward Chindorichininga, said there is a need for the Reserve Bank of Zimbabwe, ZIMRA and treasury to work together and come up with a common method that will reveal similar figures contributed by the mining sector in the economy.
The two day meeting attracted several players in the mining sector and was aimed at assessing the state of the mining industry and formulating policies that can be adopted to improve its contribution to the economy.