Mpofu against nationalisation of mines

MINES minister Obert Mpofu says he would not allow the destruction of Zimbabwe’s mining sector by heeding calls to nationalise diamond fields.


There have been calls for the nationalisation of the Marange diamond fields to fund the national fiscus.

"I will not support such ideas I will not allow call from missinformed parties or individuals to destroy the mining sector with such strange ideas. We know what we are doing,” said Mpofu.

"It is important to note that mining has continued to be the major mainstay for economic gtowth and development in Zimbabwe, contributing an estimated 13% to GDP in 2011 and is projected to growth by 15,8% this year. We should not slow down this momentum," said Mpofu Mpofu said Zimbabwe's mineral exports have seen a fairytale rise rebounding by 138% in 2010 growing by 38,75 in 2011 and 2012 projections stand at 13,3% "In terms of earning, mineral exports surged in 2011 to US$2,45 billion from US$1,6 billion in 2011 driven mainly by increased platinum, gold and diamond production and buoyed by looming international prices.

"Revenue from Platimum gained 35% on the 2011 figure while production fo the same grew by 41% surpassing MTP projections and with continued expansion projects at some of the producers we expect the rend to continue," said Mpofu Zimbabwe’s current diamond production is estimated by volume to be in excess of 25% of world production.

Mpofu said going by the value realised to date per carat, Zimbabwe is set to earn in excess of US$2 billion annually in gross revenue.

Mpofu conceded that there would always be leakages when it comes to minerals no matter how powerful a government could be or how much arsenal it had.

“You can mention any country in the world they are facing leakage challenges, even the US has failed to control leakage of drugs,” he said.

Post published in: News
  1. Chekuchera

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