Govt targets 75 tonnes of gold annually

Published: 14 May 2018

THE Ministry of Mines and Mining Development has set a target of producing 75 tonnes of gold annually in the next five years as Government seeks to boost reserves and increase mining sector earnings.

Gold is among four minerals, which have been identified by Government for a major ramp in production as the country seeks to shore up forex earnings and turnaround the economy.

Platinum, ferrochrome and coal are among the minerals whose production Government wants increased in the next five years. The mining sector has been the country's foreign currency cash cow contributing more than 70 percent of the earnings.

Mines and Mining Development Minister, Winston Chitando, said his ministry was working on a five-year cycle, which will see production increasing significantly in the mining sector.

"We are looking at a five-year window, which will see the mining industry increasing output significantly. We will start with coal where last year we did under 2.5 million tonnes from 2019 onwards we will be doing eight million tonnes per annum.

"In terms of gold production last year, we did 24 tonnes and we are targeting 30 tonnes this year and we have an ambitious plan to get to 75 tonnes a year in five years," said Chitando.

"We are also looking at platinum where we will see the doubling of output from the current levels in the next five years, more so on the back of more players coming into the fold.

"Then in terms of ferrochrome last year we did just over 200 000 tonnes and we are looking at doing more than 600 000 tonnes in the next five years."

There is an expected boom in the country's mining sector after the country scrapped the controversial empowerment laws, which required locals to have at least 51 percent ownership.

The clause has since been confined to platinum and diamond.
- online

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