BY BAYANDA NKATHA

The 2024 Mine Entra conference has officially kicked off in Bulawayo, Zimbabwe, with President Emmerson Mnangagwa expected to officiate the event.

The conference is being held under the theme “Unearthing Success: The Mining Value Chains, Innovation, and Industrialisation Nexus” and is expected to be a significant event in the mining industry.

President Mnangagwa arrived in Bulawayo on Wednesday afternoon, after attending the burial of national hero Colonel (Retired) Tshinga Dube at the Heroes Acre in Harare.

Mines and Mining Development Minister, Winston Chitando, will lead the proceedings, with the President expected to address the conference.

The Chamber of Mines is also expected to provide a comprehensive update on the state of the mining sector.

The industry is optimistic about the future, with mineral revenue, employment levels, and capacity utilization projected to increase in 2025.

The Mining Industry Prospects for 2025 report shows that mining executives are confident about the sector’s prospects.

“Mineral revenue is expected to increase by approximately two percent in 2024 and by around 10 percent to approximately US$6 billion in 2025 from about US$5.5 billion in 2024 on the back of improved output and some anticipated commodity price recovery in 2025.”reads the report.

Average capacity utilization for the mining industry is expected to improve, driven by key sectors such as gold, ferrochrome, and PGMs.

Employment is also expected to rise, with mining industry formal employment expected to increase in 2025.

The mining sector has also recorded a decrease in fatalities since the beginning of the year, with a significant reduction in deaths compared to last year.

However, the survey results show that there is still a need for safety and health at mining operations.

BY WANDILE TSHUMA

Zimbabwe has introduced a new regulation that limits the amount of US dollars travelers can take out of the country.

The new law, which was introduced by the Reserve Bank of Zimbabwe (RBZ) last month, reduces the maximum amount of US dollars that travelers can carry from US$10 000 to US$2 000.

This change is aimed at curbing the externalization of funds and maintaining foreign currency reserves, in an effort to stabilize the country’s economy.

The Bankers Association of Zimbabwe (BAZ) has warned that this restriction could disrupt the informal import trade sector, a key source of employment in Zimbabwe.

Despite these concerns, the government has proceeded with the enactment of the new regulation, which has come into effect immediately.

Travelers departing Zimbabwe are now required to adhere to the US$2 000 limit without the need for further authorization, or risk penalties under the Exchange Control Regulations.

The new regulation is part of ongoing efforts to regulate currency flows and stabilize the country’s economy.

It alters the rules governing currency export from Zimbabwe and sets new limits on the amount of both Zimbabwean currency and foreign currency travelers can carry without special authorization.

According to the amendment, the maximum amount of foreign currency that can be taken out of the country is now capped at US$2 000 or its equivalent in other currencies.

The BAZ has raised concerns about the potential economic impact of the regulation, warning that it could lead to a reduction in externalization of funds and disruption in informal import trade.

BY STAFF REPORTER 

Zimbabwe’s 2000 land policy has taken a turn, prioritizing indigenous ownership and control.

In a landmark announcement, Information Minister Jenfan Muswere declared, “The government will implement measures to give security of tenure to every person and to alienate for value agricultural land… All land held by beneficiaries of the land reform programme under 99-year leases, offer letters and permits will now be held under a bankable, registrable and transferable document of tenure.”

Muswere emphasized that this new policy aims to address long-standing challenges faced by farmers, including access to finance and security of tenure.

He stated, “Our people are endowed with agricultural land resulting from progressive government policies, but they continue to grapple with difficulties in accessing affordable, appropriately structured and adequate finance for sustainable commercial agriculture.”

The policy prioritizes certain groups, with Muswere noting, “Priority will be given to veterans of the liberation struggle, women and youths.” He also highlighted that land tenure will only be transferable among indigenous Zimbabweans, emphasizing the government’s commitment to safeguarding the gains of the liberation struggle.

Muswere concluded by stating that these measures will have a profound impact on Zimbabwe’s economic growth and development, unlocking the full value of land and enhancing the performance of the economy.