Minister Chinamasa Says Thanks to Mining, Sleepless Nights Are Now a Thing of the Past

FINANCE minister Patrick Chinamasa says he no longer has sleepless nights over the country’s economy as key performers such as mining and agriculture are showing good results.

Chinamasa said this as he praised the mining industry on Friday at the just ended 78th Chamber of Mines of Zimbabwe annual general meeting and conference in Victoria Falls.

He said 2017 looks brighter for the mining sector which envisages a revenue of $3 billion by year end, up from about $2 billion last year driven by gold, platinum and lately chrome.

“I want to thank the mining sector for your performance last year. I am happy that results are beginning to show and I can sleep well now,” said Chinamasa much to delegates’ excitement.

However, the minister said minerals such as diamonds and coal remain underperforming, singling out Hwange Colliery Company and Makomo Resources for failing to submit production data.

As for the diamond mines in Manicaland, production is low because of the restructuring currently underway, where government is now responsible for production, he said.

“This doesn’t mean that we don’t have challenges. There are some problems that are beyond our control but where we have means we are managing,” said Chinamasa.

The minister further said the industry was responding well to the 5 percent incentive which was introduced to monitor the amount of exports.

He said government will continue to incentivise miners hence a myriad of measures being put in place to reform the mining industry.

This comes at a time when government has introduced a use it or lose it (mining permit) approach where it is engaging some miners especially in the platinum sector to cede part of claims to new players.

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Source: New Zimbabwe

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