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Zimbabwe eyeing jump in mineral revenues to US$12B by 2023

Zimbabwean Minister of Mines Winston Chitando said the country is targeting a fourfold increase in revenue from minerals to US$12 billion by 2023 but did not give much detail as to how this would be achieved, Bloomberg reported Oct. 14.

Chitando sees gold exports reaching US$4 billion and platinum exports hitting US$3 billion over this timeline as the government focuses on value addition, enhanced investment within the sector, increased productivity, employment creation, growth in exports and foreign-currency generation.

The minister also expects diamond production to increase to 11 million carats by 2023 from 3.2 million carats in 2018, Reuters reported, adding that the target would be driven by four companies, including PJSC Alrosa and China's Anjin Investments.

However, the policy document did not mention an anticipated overhaul of the country's mining legislation that will be essential to bringing foreign investment to the industry.

The agenda comes as Zimbabwe faces its first economic downturn since 2008 and an inflation rate estimated at over 900% by some economists, in addition to fuel shortages amid a lack of foreign currency, according to Bloomberg.

Vast Resources PLC is expected to sign a joint venture agreement with government-owned Zimbabwe Consolidated Diamond Co. this week for diamond exploration and mining in eastern Zimbabwe.