Stakeholders in the mining industry have expressed optimism that the sector, which was ranked the best performing as shown by the 51% growth in productivity during 2010, will maintain the momentum in the forthcoming year.
The country, which has vast mineral resources, the world’s second largest platinum reserves and the capacity to be the world’s top diamond producer, is pinning hopes for economic recovery on the maximum exploitation of the mineral resources.
Mines and Mining Development Minister, Cde Obert Mpofu, who hailed the improved performance by the sector, expressed hope that revenue remitted to the fiscus from mining, will double in the forthcoming year.
The mining industry is still faced with a number of challenges including lack of credit lines as well lack of consistent power supply , a situation which requires urgent attention in 2011, thus according to Gold Search Technical Services Director, Mr Vimbai Chakanetsa.
Some of the major highlights for the sector in 2010 include the certification and inaugural sale of Marange diamonds, the successful hosting of the Mining Indaba and increased interest from investors.
Communities Calling Empowerment Network Chairman, Mr Charles Nyachowe believes there is need to prioritise value addition and processing of minerals such as platinum and diamonds in order to fully benefit from the mineral resources.
The mining industry is anticipated to anchor the economic growth and ensure that the economy attains the projected 9,3% growth and double digit growth rate in the next few years.
To achieve the projected growth, the country needs to maintain the conducive regulatory framework, which has to date seen increased participation into the mining industry by indigenous players.