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Mnangagwa's cabinet approves six copper projects
16 Jul 2021 at 09:03hrs | Views
CABINET has approved the Greater Chinhoyi Copper Development Programme which is set to contribute to the US$12 billion mining economy by 2023.
The Government has recognised the mining industry as one of Zimbabwe's major economic sectors to drive the country towards an upper middle-income economy status by 2030. It is in this context that President Mnangagwa in 2019 launched the US$12 billion mining strategy.
Speaking during a post-Cabinet media briefing meeting on Tuesday, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said: "Cabinet approved the Greater Chinhoyi Copper Development Programme which entails six copper projects becoming operational by 2023.
"A further three projects are greenfield projects which will have resource definition being undertaken with the objective of making them operational."
She said the Ministry of Mines and Mining Development will be submitting proposals on the six projects in due course.
"The re-treatment of the Mhangura and Alaska copper dumps and the reopening of Angwa Mine in Chinhoyi and Shamrock Mine in Hurungwe were approved by Cabinet.
"Proposals on two other projects to make them a total of six will be presented in due course," said Minister Mutsvangwa.
She said the Shamrock Mine project is a joint venture between the Zimbabwe Mining Development Corporation (ZMDC) and Govine Enterprises and is expected to reopen by the end of 2022 employing an estimated 4 500 people and generating US$32 million per annum.
The other joint venture is between ZMDC and Hongua International and involves the re-opening of Angwa Mine and the Chidzikwe dump which will be operational by mid-next year employing an estimated 400 people, generating an estimated US$33 million per annum.
Under the US$12 billion milestone, gold is expected to contribute US$4 billion, platinum US$3 billion while chrome, iron, steel diamonds and coal will contribute US$1 billion.
Lithium is expected to contribute US$500 million while other minerals will contribute US$1,5 billion. By 2030, it is envisaged that the mining industry would be contributing at least US$20 billion. In line with its objectives, the strategic roadmap has started creating a conducive environment for local and foreign investors.
The Government has recognised the mining industry as one of Zimbabwe's major economic sectors to drive the country towards an upper middle-income economy status by 2030. It is in this context that President Mnangagwa in 2019 launched the US$12 billion mining strategy.
Speaking during a post-Cabinet media briefing meeting on Tuesday, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said: "Cabinet approved the Greater Chinhoyi Copper Development Programme which entails six copper projects becoming operational by 2023.
"A further three projects are greenfield projects which will have resource definition being undertaken with the objective of making them operational."
She said the Ministry of Mines and Mining Development will be submitting proposals on the six projects in due course.
"Proposals on two other projects to make them a total of six will be presented in due course," said Minister Mutsvangwa.
She said the Shamrock Mine project is a joint venture between the Zimbabwe Mining Development Corporation (ZMDC) and Govine Enterprises and is expected to reopen by the end of 2022 employing an estimated 4 500 people and generating US$32 million per annum.
The other joint venture is between ZMDC and Hongua International and involves the re-opening of Angwa Mine and the Chidzikwe dump which will be operational by mid-next year employing an estimated 400 people, generating an estimated US$33 million per annum.
Under the US$12 billion milestone, gold is expected to contribute US$4 billion, platinum US$3 billion while chrome, iron, steel diamonds and coal will contribute US$1 billion.
Lithium is expected to contribute US$500 million while other minerals will contribute US$1,5 billion. By 2030, it is envisaged that the mining industry would be contributing at least US$20 billion. In line with its objectives, the strategic roadmap has started creating a conducive environment for local and foreign investors.
Source - chronicle
