President of Zimbabwe Emmerson Mnangagwa has affirmed the target to reach a $12 billion mining industry by 2023 is achievable due to the industry’s growing momentum.

Mnangagwa said it was encouraging that despite the impact of the pandemic, last year the mining sector’s performance reached $5.2 billion, from $2.9 billion in 2017. 

"Well done to the sector stakeholders for a commendable performance," he said while opening the annual mining exhibition in Bulawayo on Thursday. 

The president added that he had commissioned several mining projects since he took office in 2017, in the areas of exploration, extraction and expansion, with additional projects planned over the next 20 – 24 months.

"The 12 billion Dollars target is, therefore, within reach and set to see the realisation of a diversified, integrated, modern and industrialised economy synonymous with a prosperous society," Mnangagwa stated.

Mining is a crucial part of Zimbabwe’s economy, making up over 60% of annual foreign currency receipts and 13% of GDP.

President Mnangagwa has promised additional incentives for mining sector investors and has called for the effective organisation and syndication of small to medium-scale miners within the sector.

"Going forward, I call upon the sector to rally its players to adopt contemporary and appropriate mining technologies across the mineral value chain. This must result in the efficient extraction and guarantee realisation of the maximum value from our God-given endowments," Mnangagwa commented. 

Furthermore, he called on the industry to get involved with the local production of mining consumables within the "Buy Zimbabwe; Made in Zimbabwe; Build Zimbabwe" initiative.

"Riding on increased capacity utilisation of the various mining houses, there is no excuse for the continued importation of mining consumables and related accessories such as mill balls and conveyor belts, among others," Mnangagwa added.