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Zimbabwe’s mining industry anticipated to grow by 10% in 2018

Batirai Manhando, COMZ President, calls for more financial efficient mining in ZimbabweBatirai Manhando, COMZ President, calls for more financial efficient mining in Zimbabwe

The Chamber of Mines of Zimbabwe (COMZ) has announced its forecast that the mining industry in the country will grow by 10% this year.

COMZ has predicted that the sector will generate $3.7bn, sourced from mineral exploits, during the review period.

The industry is expected to reach $11bn by 2022, and $18bn by 2030.

The announcement followed the chamber’s annual general meeting, in which the President of COMZ, Batirai Manhando, confirmed that 10 out of 14, or 71% minerals recorded a rise in volume between the three months ending March 2018, compared to the first quarter of last year.

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The industry also had a successful year in 2017, with an overall growth of 8.5%.

“Notable increases are in gold, up 53%, coal 46%, nickel 18%, and cobalt, 13%,” noted the President of the Chamber, Batirai Manhando.

Manhando claimed the successful growth in minerals was due to gold, nickel, and chrome price recoveries.

However the COMZ President still queried finial inefficiencies and confusion within Zimbabwe’s mining sector.

“Our quest is for the government to provide [a] stable, competitive and optimal fiscal framework for the mining industry and simplify the fiscal regime from the high multiplicity of tax heads, tax regulatory instruments and collecting agents to a few tax heads, instruments and agents in order to reduce the burden of compliance,” Manhando added.