Zim govt reviews mining targets

The Government has marginally reviewed upwards the mining industry 2012 growth target from the initial 15.9% to 16.7%, amid calls by industry for the fiscal authorities to avail the much needed capital to ensure that the sector makes maximum contribution to the performance of the economy. While the government has revised downwards most of the economic sectors' growth rates, with the agriculture sector's target set at 5.8% from the initial 11.6%, the mining industry is expected to maintain its positive momentum during the second half of the year.
Speaking during a recent Zimbabwe National Chamber of Commerce budget breakfast meeting, Minister of Finance Tendai Biti said the extractive industry remains the anchor of the economy, adding that government has since put in place measures to enhance the performance of the sector including the ongoing amendment of the Mines and Minerals Act.
Former Chamber of Mines President, Mr Victor Gapare said given the fact that the mining industry contributes over 50% of the country's total export earnings, there is need to urgently avail funding to the sector to ensure that the country generates substantial benefits.
The mining industry's contribution to the country's economy continues to tremble from low levels of around 4% in 1999 and 2008 to the current levels of about 11% of the Gross Domestic Product.