chronicle.co.zw 04 Aug, 2022 01:30 am

Government to reserve mining concessions for youths

Government to reserve mining concessions for youths
Bulawayo's most popular daily newspaper

Minister Mutsvangwa added that a proposal for a memorandum of understanding between the Government and the African Diaspora Development Institute, an organisation made up of African Diaspora around the world who have united for the purpose of participating in investing in Africa was approved.The African Diaspora Development Institute will fund the development of a mining gold centre in Pondoroza village in Mashonaland province.The benefits from these investments will accrue to African Diaspora Development Institute and the community, she said.The mining sector is critical in generating foreign currency, contributing about 70 percent of the forex earnings, largely driven by gold, platinum, and diamond.

Last month, President Mnangagwa said the country’s mining sector is registering unprecedented growth, for the first time in history, with earnings jumping to US$5,2 billion in 2021 from about US$2,9 billion in 2017 when the New Dispensation came into being, which is indicative of the positive gains realised from Government’s economic reform agenda.Government has set an ambitious target for the mining sector to realise a US$12 billion milestone by 2023 and this, despite unforeseen shocks, remains certain, judging by the continued momentum across key subsectors, and the newly commissioned signature projects covering different mineral segments.

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