Covid-19 threatens to derail Zimbabwe’s $12bn mining plan

23 June 2020 (Last Updated June 23rd, 2020 15:15)

The Covid-19 pandemic could derail the Zimbabwe Government’s plan to expand the value of its mining industry to $12bn by 2023, according to environmental group the Centre for Natural Resources Governance (CNRG).

Mineral exports were responsible for close to two-thirds of the country’s export earnings as recently as October 2018, and the country’s mining industry is expected to play a key role in any long-term growth in the Zimbabwean economy. Diamonds in particular are among the country’s most valuable commodities, and the CNRG expects revenues of around $1bn from the sale of diamonds by 2023. This is a far cry from the $12bn price tag expected by the government however, which is targeting an increase in annual diamond production to ten million carats by 2023.

Read more about the impacts of the pandemic on the Zimbabwean mining industry here.