The government and the private sector are finalising the crafting of a minerals development policy which is expected to be launched next year.
The minerals development policy is being crafted after the realisation that although Zimbabwe boasts of large deposits of unexplored minerals worth billions of dollars, there is need to inject more money in the sector to make it viable.
Government through the Ministry of Mines and Mining Development and the private sector led by the Chamber of Mines are discussing the crafting of the policy.
An economist, Mr Tinashe Mapara says it is important for the mining sector to focus on workable policies to restore business confidence.
“We need a policy that will in the long term facilitate the development of the mines,” said Mr Mapara.
While the minerals development policy is also expected to focus on the mobilisation of funds to increase mineral production, the establishment of a mineral development bank, and the provision of long term loans at concessionary rates are among other factors.
An economic commentator, Mr Tendai Munyoro says the establishment of a refinery plant for several minerals is also critical in consolidating gains in the mining sector.
“A refinery plant is crucial in the setting up of the policy,” Mr Munyoro said.
Zimbabwe’s mining sector continues to play a critical role with official data showing that minerals earnings in the first sevens months of the year increased to US$1.5 billion from at least US$600 million over the same period last year.
The sector is expected to grow by 15.7% this year, up from 11.5% in 2011.