Staff Reporter
In a move meant to bolster the oversight of the mining sector and propel economic growth, the Government has established a committee tasked with monitoring activities within the industry.
In an exclusive interview with this publication, a source within the Ministry of Mines and Mining Development revealed that the committee that would be chaired by Vice President Constantino Chiwenga comprises key figures instrumental in the nation's economic landscape.
The source revealed that other committee members include Permanent Secretary in the Ministry of Mines and Mining Development, Pfungwa Kunaka; Permanent Secretary for the Ministry of Finance, Investments, and Economic Development, George Guvamatanga; Attorney General, Virginia Mabhiza; and Permanent Secretary of Higher and Tertiary Education, Fanuel Tagwira.
The source highlighted the committee's primary focus, which would be to leverage Zimbabwe's abundant mineral resources as catalysts for robust economic growth.
"The committee's main thrust is to enforce value addition and beneficiation strategies, extending them to the final stages of the value chain,” the source emphasized.
In addition, the source underscored the significance of the committee's mandate in alignment with the Second Republic's vision of growth in the mining sector, saying that the committee is poised to play a pivotal role in realizing this ambitious vision.
"As the Second Republic aspires to build a US$40 billion mining industry by 2030, the mining sector emerges as a key player in the nation's economic development, hence the pertinence of a mining committee in this regard,” said the source.
Further details from the source revealed that the committee's broader objectives would be to strike a balance between attracting foreign capital and protecting Zimbabwe's interests in its mineral wealth.
"The committee will oversee the reduction of Exclusive Prospective Orders (EPOs), ensuring a regulatory environment that encourages foreign investment while safeguarding national interests.
"The registration of EPOs by foreign investors should be dualistic, involving registration with both the Zimbabwe Stock Exchange (ZSE) and a foreign stock exchange. This ensures that the nation benefits proportionally when share prices improve on the stock market," stated the source.
A phone call by this publication to the Minister of Mines and Mining Development, Soda Zhemu confirmed the formation of the Committee on Investment and Incentives.
“During one of our cabinet meetings, we resolved that there was need for a cabinet committee that will be monitoring the investments and incentives of the mining sector, which led to its formation,” he said.
Meanwhile, the committee's formation underscores the Government's commitment to maximizing the potential of the mining sector in driving economic development.
Moreso, this multi-faceted approach seeks to position Zimbabwe as a prominent player in the global mining arena, fostering sustainable and inclusive growth.
