By Tawanda Musariri

Employment in the mining sector is rising amid improving performance of major minerals. This is despite economic bottlenecks spurred by foreign currency challenges in the macro economy.

Despite being the major exporter of minerals and the major importer of foreign currency, the sector is also a major consumer of foreign currency. The sector requires forex for plant and equipment maintenance and upgrade, says Chamber of Mines CEO Mr Isaac Kwesu. He was speaking at the State of the Mining Industry Survey Report in Harare.

Addressing delegates during the report round table meeting bringing stakeholders together, Reserve Bank of Zimbabwe Governor, Dr John Panonetsa Mangudya said there were four growth areas within the mining sector, among them employment.

Dr Mangudya said formally established mines were currently employing 50 000 workers with artisanal mining taking a staggering half a million workers. He said these workers were directly contributing to exports.

The mining industry alone contributes to 65 percent of total earnings.

Dr Mangudya said the RBZ has special interests on Zimplats, being the largest exporter in Zimbabwe through its platinum output. Platinum demand on the global market is on the rise from auto makers and the electronic industry.

Away from employment creation, the mining sector has also recorded significant growth in output and capacity utilisation.

Platinum, Gold and Diamond mining capacity utilisation is at an encouraging high and has more capacity to exploit and utilise, realising more output and value in the extractive sector.

"We want to ensure that we assist major exporters like Zimplats so that the organisation improves its viability. We want to ensure that the mining sector is well looked after. The RBZ wants to preserve value for miners. While we are concerned about the macro economic conditions in the past one and half months, we are happy about the returning stability which we expect will continue to firm ahead of the festive season," said Mangudya.