Mining Industry exceeds $12 billion target, Government computes final figures

by | Mar 13, 2024 | Business, International | 0 comments

Mining Industry exceeds $12 billion target, Government computes final figures

Business Reporter

GOVERNMENT is still computing data to show how much the mining industry exceeded the US$12 billion industry that was targeted between 2018 and December 2023.

Speaking to journalists on the sidelines of the 9th ordinary Meeting of the African Diamond Producers Association (ADPA) Monday afternoon, Mines and Mining Development Minister Zhemu Soda said it is clear that the mining industry surpassed its target.

“The target for achieving a US$12 billion mining industry is what we were gravitating towards until the end of 2023.

“It was composed of investments envisaged and in terms of investments, we must have achieved around US$5.2 billion between 2018 and 2023. We also achieved about US$5.4 billion of export earnings and if you add the value of industry investments and exports, plus the local consumption like coal that is locally consumed for the production of electricity we must have surpassed the target of US$12 billion mining industry by 2023.

“However computations are still being done in order for the correct figure to be then shared with the whole nation as to what we achieved by the end of 2023 but we continue to work towards a new target which will soon be announced by the ministry,” he said.

In December last year, Minister Soda said, the mining industry had generated more than US$20 billion from mineral exports since 2017 making it the biggest contributor of foreign currency.

In 2017, the mining sector was at about US$1.7 and now contributes around 13 percent to the Gross Domestic Product.

The mining industry gives the Second Republic a huge impetus towards the achievement of Vision 2030.

Minister Soda is the chairperson of the 19-member ADPA.