Zim targets $12B mining boom: Ministers unveil bold reforms at key conference

Tracy Moyo

Zimbabwe’s mining sector is poised for a historic transformation as top policymakers unveiled aggressive reforms targeting a $12 billion industry for this year at the Chamber of Mines Annual Mining Conference in Victoria Falls on Saturday.

Under the theme “Unlocking Growth Potential for the Zimbabwe Mining Industry,” Hon. Winston Chitando, Minister of Mines, and Dr. John Mushayavanhu, Reserve Bank of Zimbabwe (RBZ) Governor, outlined sweeping strategies to boost investment, stabilize the economy, and position Zimbabwe as a global mining powerhouse. 

The conference, hosted at Victoria Falls’ Elephant Hills Resort, drew hundreds of delegates, investors, and regional experts, signaling Zimbabwe’s urgency to leverage its mineral wealth—including lithium, platinum, and gold—for economic revival. Hon. Chitando emphasized beneficiation and value-addition as non-negotiable pillars, citing progress in lithium processing plants and formalizing artisanal miners through state-backed training and funding. 

“Mining is the engine of transformation,” declared Chitando, referencing the government’s push to increase transparency and attract foreign direct investment (FDI). He confirmed Zimbabwe is on track to meet its $12 billion mining revenue target by 2025, driven by partnerships in critical minerals and streamlined licensing. 

Dr. Mushayavanhu addressed systemic challenges head-on, detailing the RBZ’s de-dollarization roadmap to stabilize the Zimbabwean dollar (ZWL). “Monetary discipline and exchange rate transparency are non-negotiable,” he asserted, pledging to maintain dual currency functionality until inflation is tamed. His assurances of investor-friendly forex retention policies (miners retain 75% of export earnings) drew applause, aligning with broader goals to boost export revenues. 

Delegates later debated environmental sustainability and fiscal incentives, with calls to adopt renewable energy in mining operations. Industry leaders praised Zimbabwe’s rare earth reserves.