ZIMBABWE has set its sights
on achieving a $12bn mining industry by the end of this year, with Pfungwa Kunaka, Permanent Secretary for Mines and Mining Development of Zimbabwe, scheduled to provide insights into the country’s latest mining projects at the Critical Minerals Africa (CMA) 2023 summit next month.
Zimbabwe’s mining sector, which contributes 13 percent to the country’s GDP, is known for its diversity and world-class resources, including over 60 mineral commodities. The nation also possesses the second-largest reserves of platinum group metals (PGMs) globally. While PGMs are expected to maintain their dominance, with three new projects in development at Darwendale, Karo, and Mupani, substantial growth is anticipated in diamond, coal, and chrome mining. Additionally, gold production is projected to double by 2025.
In alignment with the global shift towards cleaner energy solutions, Zimbabwe has emerged as a player in the nascent lithium mining market. The country boasts the largest lithium reserves in Africa. In July of last year, a
Chinese mining company commissioned a $300
-million lithium processing plant capable of producing 4.5 million metr
ic tons for export annually. In a bid to encourage downstream infrastructure development and position itself as a regional processing hub for lithium-ion batteries and other eco-friendly energy sources, the Zimbabwean government banned the export of raw lithium earlier this year.
Another significant development on the horizon is the $1bn Manhize integrated steel plant. Once operational, this plant will produce 1.2 million tonnes of steel annually, making it the largest integrated steel facility on the African continent. The project has already attract
ed interest from local and regional off-takers, aiming to reduce the costs of production by decreasing steel and iron imports. Simultaneously, it will meet the demand in neighbouring markets such as Zambia and the Democratic Republic of Congo (DRC).
To attract investment into its critical minerals sector, Zimbabwe’s government plans to introduce new incentives for established mining producers, formalise small-scale mining operations, promote small and medium-sized enterprises (SMEs), and encourage local production of mining consumables. These initiatives, among others, will be showcased at CMA 2023 as Zimbabwe positions i
tself as a pivotal player in the global minerals value chain.
The Critical Minerals Africa 2023 summit, scheduled for October 17-19, seeks to position Africa as the primary investment destination for critical minerals. Organised by Energy Capital & Pow
er, the event coincides with the African Energy Week 2023
conference held from October 16-20 in Cape Town. Sponsors, exhibitors, and delegates can obtain further information by contacting [email protected].
