THE mines and mining development ministry expects mineral export earnings to surge 377% over the next five years, driven by diamonds and gold.
BY KUDZAI MUCHENJEKWA
Diamond output is expected to nearly double to 3 million carats from 1,8 million carats produced last year, according Mines minister Winston Chitando, who also forecasts gold to exceed 100 tonnes by 2023, more than double the country’s all-time peak of 50 tonnes.
This year, gold output is projected to reach 30 tonnes from 24,8 tonnes reported last year.
“The mining sector contributed US$2,6 billion into the country’s economy last year and it is expected to contribute US$12 billion by the end of 2023,” said Chitando addressing mining stakeholders at the Zimbabwe Agricultural Society (ZAS) on Thursday.
“It will be underpinned by the growth of the diamond sector by expanding their output by intensive exploration and the finalisation of the conglomerate plant which will see the country getting 3 million carats from 1,8 million carats produced last year. In terms of gold, 26 tonnes were produced last year and it is expected to reach 35 tonnes by year end and over 100 tonnes by 2023.”
The bulk of gold produced in the country comes from artisanal and small-scale miners, who currently contribute around 60% of all gold delivered to Fidelity Printers and Refiners (FPR), according to Matthew Chidavaenzi, FPR head of the Gold Initiative Development Fund.
Diamonds and gold are among Zimbabwe’s top eight foreign currency earners.
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The projected diamond output is still 36% lower than the country’s peak output of 4,7 million carats in 2014 when it became the world’s eighth largest producer of the gems. Since then, output has fallen drastically.
Finance minister Patrick Chinamasa attributed the decline to “transitional challenges” following the merger of all the companies that operated in Chiadzwa under the Zimbabwe Consolidated Diamond Company.
