'Zimbabwe needs FDI in mining,' says Chidhakwa

Zimbabwe needs to implement friendly policies to attract investors in the capital intensive sectors, newly appointed Mines minister Walter Chidhakwa has said.

Chidhakwa told delegates attending the 5th Zimbabwe Mining and Infrastructure Indaba in Harare that the country's mining sector could not grow without foreign capital.

Chidhakwa said inefficiencies in the mining sector should be identified and reduced to achieve sustainable growth in the industry.

Chidhakwa said there was need to utilise proceeds from the mining sector for the country's development.

Stakeholders in the sector said reopening closed mines, opening new ones and creating value addition channels would go a long way in helping the mining sector to rebound.

Mining has become the lead sector in the economy overtaking agriculture in terms of export earnings.

Chidhakwa said the mining sector had antiquated plant and machinery hence the need to bring in new methods of mining to bear on industry so as to close the technology gap.

He added that minerals were finite resources and there was need to invest the proceeds of their exploitation so that the country had lasting benefits from the resources.