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Zimbabwe Mines Need 11 Billion U.S. Dollars For Modernization May 31, 2018

According to Mining Weekly quoted Reuters, the Zimbabwe Mining Chamber issued a report last Friday that Zimbabwe needs to invest 11 billion U.S. dollars to modernize its mines and reach maximum capacity in the next five years.

Since the resignation of Robert Mugabe’s military coup in November last year, foreign investors’ interest in Zimbabwe has increased.

According to Batirai Manhando, chairman of the mining council, all mines, including gold, nickel, cobalt, and coal, in addition to platinum mines, have produced less than their production capacity.

Mineral exports accounted for more than half of Zimbabwe’s foreign trade revenue. In 2017, exports amounted to US$2.8 billion. However, people in the industry believe that if the investment increases, the export of mineral products will be even more.

Manhando estimated that at the beginning of this year, the investment needed to expand and maintain production capacity alone would reach $7 billion. With the increase of interested investors, this figure has been expanded to 11 billion US dollars.

Zimbabwe is the world’s second largest source of platinum and chromite (463, 1.50, 0.33%). Lithium resources have also become the focus of investors’ attention. However, funds are still one of the obstacles to the development of the mining industry.

Mining companies in Zimbabwe face many problems in exploration and development, such as electricity, labor, and premiums that are much higher than in other countries. Since 2000, exploration spending in the country has been very low.

Most mining equipment has exceeded 50 years,such as rock splitter, DTH drill , and strand jacks.

Especially such machines, and urgently need to replace more modern machines

Winston Chitando, Zimbabwe’s mining minister, said that by the end of June, the government will announce a new mining development plan.

According to the Ministry of Mines, the country’s largest gold mining output will increase from 23 tons last year to 30 tons. In the next five years, the country’s gold production is expected to increase to 85 tons.