Zim to hold investment symposium in Canada

Zim to hold investment symposium in Canada
Published: 21 May 2018
Zimbabwe is set to take the investment attraction campaign to Toronto, Canada, where a symposium is scheduled for this June.

This comes as the country requires an estimated $11 billion in the next five years to ramp up production and modernise its mining industry.

Credited for its resilience, the Zimbabwe mining industry registered 8 percent growth in 2017 but is still operating below potential owing to capital constraints.

The Minister of Mines and Mining Development, Mr Winston Chitando said the government is aware of the funding constraints facing the capital-intensive industry, adding that the country is on an aggressive investment drive with a one day Zimbabwe Investment Symposium scheduled for the 6th of June in Toronto.

"We are aware of the challenges being faced by the mining sector, chief among them funding. We are therefore doing all we can to ensure that the correct climate is achieved for the inflow of capital," he said.

The ongoing investment drive is beginning to yield positive results with increased appetite by investors to inject capital into the country's mining industry.

Zimbabwe Chamber of Mines CEO, Mr Isaac Kwesu said there is potential for the sector to achieve desired growth if measures are put in place to resolve the outstanding legislative issues and to unlock capital.

"We are bullish of the growth of the local mining industry and all we need to do is address the outstanding legislative issues and increase funding towards the critical sector," he said.

As part of recommendations during the 2018 Zimbabwe Chamber of Mines meeting, delegates stressed the need for policy consistency, stable and competitive fiscal regime, value addition, exploration and promotion of linkages in the mining industry.

Mining revenue grew by 31 percent to $2,54 billion in 2017 from $2,2 billion in 2016 on the back of favourable prices and strong output.

2018 earnings from the sector are projected at around $2,9 billion.
- zbc
Tags: Canada,


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