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Business Reporter
The Chamber of Mines Zimbabwe (CoMZ) says some operators in key sub-sectors of the mining industry have heeded Government's call for investment in beneficiation of minerals.
CoMZ said mining entities in platinum group metals (PGMs) and diamond extraction business were in the process of rolling out investment plans to beneficiate minerals they produce.
Government has over the past five years been exploring possible methods to drive beneficiation of minerals, with policies targeting mostly platinum, diamonds, gold and chrome sectors.
The intention of the Government in pushing the beneciation agenda is to fully unlock backward and forward linkages in the mining sector in order to grow the economy and to create jobs.
Isaac Kwesu, the CoMZ chief executive officer, told The Herald Finance & Business that the mining sector fully supported Government's policy thrust on beneficiation of minerals to maximise benefits to the country.
“The country boasts of integrated beneficiation facilities for nickel, ferrochrome, and coal. For gold, the country has a central smelting and refining facility in Fidelity Printers and Refiners. There are very bright prospects that the beneficiation of asbestos, iron ore, and copper will soon be re-activated, " he said.
Zimbabwe has over the years seen most of its minerals being exported in raw state. prejudicing the country significant potential foreign exchange earnings. Minerals constitute between 86-91 percent of Zimbabwe's total annual export earnings.
Mr Kwesu said significant investment in beneficiation by mining companies in Zimbabwe presented huge opportunities for the country as this could lead to job creation and better earnings for workers.
“The country needs to see the benefits of beneficiation and the mine workers will need to be remunerated to regional standards and that means we need to earn more through the minerals as well, " he added.
Significant progress has been realised in the PGMs sector with regards setting up of beneficiation facilities.
Currently, two of the three PGM operations have alreadv established smelting facilities
and the Zimplats board of directors approved a US$521 million capital expenditure
project to construct a new 38MW furnace and establish an acid plant for the abatement of sulphur dioxide generated by the smelter operations.
The expanded smelter complex will have capacity for toll treatment of third-party material. The acid plant, in addition to reducing point-source sulphur dioxide emissions, will produce sulphuric acid - a vital feedstock in the manufacture of fertiliser.
Zimplats has indicated it will establish a base metal refinery to further beneficiate matte at a cost of Uss100 million.
The Government recently said that it is satisfied with progress made by mining sector plavers towards mineral beneficiation in line with the Government's quest for a US$12 billion mining industry by 2023.
Estimates suggest that Zimbabwe can produce up to 25 percent of the current global value of traded diamond, but this is not reflected in the current earnings from the mineral.
If Zimbabwe adopted diamond beneficiation, the country could earn over Us$8 billion annually and create 200 000 jobs.
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- [Editor:Alakay]
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