Zimbabwe: Mineral Wealth Must Benefit All Zimbabweans, Not Just a Few – Mnangagwa
Deputy Finance Minister David Mnangagwa has said the Mines and Minerals Amendment Bill represents a bold step toward equitable economic reform, insisting Zimbabwe's vast mineral wealth must uplift all citizens, not only a privileged minority.
Speaking Wednesday at a meeting with Zanu PF youths, government, and party officials at the party's headquarters, Mnangagwa said the long-awaited Bill offers a blueprint for a more inclusive and transparent mining sector.
Among the attendees were Youth Minister Tino Machakaire and Zanu PF National Political Commissar Munyaradzi Machacha. The gathering deliberated on the far-reaching provisions of the Bill.
"From the Ministry of Finance's perspective, this Bill presents an opportunity not only to modernise the country's mining governance framework, but also to lay the foundation for a more inclusive, transparent, and fiscally sustainable mining economy," Mnangagwa said.
He added that the ministry was particularly encouraged by the "deliberate and progressive fiscal support mechanisms" embedded in the Bill, provisions he said would attract new investment, improve compliance, and ensure Zimbabweans benefit fully from their mineral resources.
Zimbabwe's mining sector, according to Mnangagwa, contributes over 60% of export earnings and nearly 13% of the national GDP. It directly and indirectly employs hundreds of thousands and is a key pillar in the country's drive toward attaining Vision 2030.
However, he lamented that outdated regulations, opaque licensing systems, and weak institutional coordination had long stifled growth in the sector.
"The Mines and Minerals Amendment Bill responds directly to these challenges by introducing a robust and transparent framework that enables better fiscal planning, incentivises investment, and enhances accountability in the exploitation of mineral resources," he said.
The meeting also featured open dialogue with youths, who raised concerns over limited access to information and markets.
Robert Togarepi, a youth from Gutu, highlighted the lack of resources available to young people seeking to participate in the mining sector. Meanwhile, Kumbirai Maunganidze from Harare expressed frustration over the absence of domestic markets for semi-precious stones.
"We have vast amounts of semi-precious minerals, but there's no market for them in Zimbabwe. How can we be assisted to market these special stones, other than just gold?" Maunganidze asked.
In response, Mnangagwa reaffirmed the ministry's commitment to implementing the fiscal tools in the Bill with "diligence, integrity, and accountability."
"We believe the Bill strikes the right balance between encouraging investment and ensuring that the State and citizens receive their fair share of the value extracted from our natural resources," he said.
Notably, the Bill promotes local value addition by offering a full rebate on royalties for minerals used entirely within Zimbabwe. It also mandates the publication of mining contracts and revenue data, a move aligned with global best practices under the Extractive Industries Transparency Initiative (EITI).
Mnangagwa stressed that legislation alone is insufficient. He said the government was also rolling out complementary policy and institutional reforms, including the deployment of digital systems to enable real-time monitoring of mineral production and revenue flows.