Maravi

(TALKZIMBABWE) Zimbabwe mining sector needs US$7bn investment

COMMENT - More neoliberal treason from the CHamber of the Mines, which is an organisation that shills for the mine owners. They want '$7 billion investment' because they want to see the privatisation of the mines, and HIPC is the way they want to go.

Zimbabwe mining sector needs US$7bn investment
This article was written by Our reporter on 13 September, at 14 : 00 PM

The Zimbabwe Chamber of Mines says the mining sector has been underperforming for the past eight months because of lack of long term investment.

In an interview on the sidelines of the Mining Indaba, Chamber of Mines President, Winston Chitando said the mining sector needs US$7 billion in the next five years to fully exploit mineral value.

He said several challenges continue to hamper the growth of the sector with financial institutions availing loans up to six months.

The Permanent Secretary in the Ministry of Mines and Mining Development, Prince Mupazviriho said government will soon issue exploration licences to the private sector to ensure that mineral deposits are accounted for.

Availability of power has been a major constrain in the mining sector which requires uninterrupted supply of electricity.

Government has not issued any exploration license for the past decade and the issuing of licenses will stimulate activity in the mining sector as there has been less exploration.

Despite underperforming, the sector has remained the major contributor to economic growth with 60% of export earnings and 13% of the GDP.

Labels: CHAMBER OF MINES ZIMBABWE, NEOLIBERALISM

posted by MrK @ 4:24 PM