The mining sector has embarked on a US$3 billion capital raising plan for the exploration of new mineral reserves within the next three years to restore confidence in the sector and improve production.
In terms of the plan, mining companies are expected to engage the Ministry of Mines and Mining Development in mobilising funds from local and external financiers.
Chamber of Mines President,Â Victor Gapare confirmed that stakeholders in the mining industry will meet next week to deliberate on possible capital raising policies as well as crafting ways of replacing old machinery.
â€œThe plan is already being done and we hope that it will contribute to the development of the mining industry, at least US$3 billion is needed for the exercise,â€ said Gapare.
Zimbabwe Explorers Small Scale Miners Association chairman, Mr.Â Hardwork MukwadaÂ said the capital raising scheme should focus on minerals that have a potential of generating revenue to the economy.
â€œMines that have the potential of creating jobs and boosting industrial confidence should be given the first priority within the entire exercise,â€ Mukwada said.
According to a 2010 Economic Quarterly Bulletin from the Ministry of Finance, the mining industry has emerged as the leading industry, accounting for at least 20 percent of income earnings and economic observers believe the sector can set the tone for the countryâ€™s economic recovery.