According to the Chamber of Mines of Zimbabwe, this projected growth represents an increase of 9 per cent in new formal employment from the current figure of approximately 45,000 workers in the sector. According to a report on the state of the mining industry and prospects for 2023 presented to CoMZ, the mining sector is overly optimistic about the growing number of new jobs in zimbabwe next year.
The mining industry is one of Zimbabwe’s key productive sectors and is responsible for bringing in 73% of foreign direct investment into the country. It also accounts for 83% of exports, 19% of government revenues, 2% of formal employment, and 11% of individual incomes.
Keeping in mind the industry’s significance to the economy, the Second Republic – under
President Mnangagwa in 2019 – had launched a US$12 billion mining economy target to be achieved by 2023.
The envisaged milestone will depend upon increasing production through expansion projects, reopening closed mines, and launching new projects. By the end of 2022, the mining sector is expected to grow to a US$8 billion economy compared to US$5.3 billion last year.