Home » Zimbabwe Mining Sector Infuses $1.5 Billion, Eyes Robust Growth

Zimbabwe Mining Sector Infuses $1.5 Billion, Eyes Robust Growth

by Adenike Adeodun

Zimbabwe’s mining sector has injected $1.5 billion into growth and exploration in the last three years, as per the Chamber of Mines of Zimbabwe. Looking forward, the sector plans to secure an additional $2 billion next year to enhance and maintain operations.

According to the CoMZ survey, firms are actively channeling funds into capital projects, with 90% pursuing explorations near their operations, dedicating a collective $50 million budget for 2024.

According to a report by Newsday Zimbabwe, Zimplats led with a $570 million investment in various capital ventures in two years, including $300 million this fiscal year. Furthermore, the company aims to reinvest $190 million to revive its Base Metal Refinery, with completion slated for 2024 to 2028.

Mimosa Mining is pouring more than $200 million into its North Hill endeavor and tailings facilities to prolong its mine life. Likewise, Caledonia’s Blanket Mine has committed $12.7 million to tailings facilities, targeting a 2025 completion.

Recently, Freda Rebecca channeled about $29 million into exploration and infrastructure to boost operations. Concurrently, Dallaglio is allocating $25 million to transition Pixton Peerless to an underground operation by mid-2024, anticipating a 7% production hike.

Moreover, Shamva Gold Mine is investing over $7 million in exploration to process 200,000 tonnes of ore monthly. Similarly, Pan African Mining and Bulawayo Mining Company are directing $13 million and more than $7 million, respectively, to sustain and expand their operations.

Next, Golden Reef Mining Company plans to invest over $700,000 in processing enhancements to increase production within a year. Falcon Gold also targets more than $400,000 for exploration and development initiatives.

Bikita Minerals has spent over $300 million on expansion and exploratory efforts in the past two years. Arcadia Lithium Mine, after a $300 million investment over three years, has launched production this year.

Additionally, the Sabi Star Lithium project commenced its concentrator in August 2023, aiming for a significant lithium concentrate output. In parallel, Zulu Lithium and Tantalite’s new pilot plant, valued at $35 million, has started operations.

Zimasco’s investment of $6.8 million in the last two years is projected to yield a 120% production increase by 2025. Jinyi has also injected $7.1 million, setting its sights on a 20% capacity increase by the end of 2024, marking significant strides in production capabilities.

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