Zimbabwe is making strides toward realizing its goal of achieving a $12-billion mining industry by the end of the year.
Pfungwa Kunaka, the Permanent Secretary for Mines and Mining Development in Zimbabwe, will provide insights into the country’s latest initiatives in exploration, extraction, and refining at the upcoming Critical Minerals Africa (CMA) 2023 summit.
With the mining industry contributing 13% to its GDP, Zimbabwe boasts a diverse and world-class sector encompassing over 60 mineral commodities.
Notably, it possesses the second-largest reserves of platinum group metals (PGMs) globally.
PGMs are expected to continue dominating the sector, with three new projects underway at Darwendale, Karo, and Mupani prospects.
However, Zimbabwe anticipates significant growth in diamond, coal, and chrome mining, along with a doubling of gold production by 2025.
In alignment with the global shift towards cleaner energy, Zimbabwe has also ventured into the emerging lithium mining market.
It holds the largest lithium reserves in Africa. In July, a Chinese mining company inaugurated a $300-million lithium processing plant capable of producing 4.5 million metric tons for export annually.
To foster downstream infrastructure development and become a regional processing hub for lithium-ion batteries and eco-friendly energy sources, the Zimbabwean Government banned raw lithium exports earlier this year.
Another pivotal development on the horizon is the one-billion-dollar Manhize integrated steel plant, set to produce 1.2 million tonnes of steel annually upon completion.
It is poised to become the largest integrated steel plant in Africa, garnering interest from local and regional off-takers.
This initiative aims to reduce production costs by curbing steel and iron imports while catering to demand in neighboring markets such as Zambia and the DRC.
To encourage investment in its critical minerals sector, Zimbabwe’s government plans to introduce new incentives for established mining producers, formalize small-scale mining operations, promote small and medium-sized enterprises (SMEs), and boost local production of mining consumables.
These progressive steps will be showcased at CMA 2023, solidifying Zimbabwe’s position as a vital player in the global minerals value chain.
