The Chamber of Mines of Zimbabwe (CoMZ) 2024 annual conference began in Victoria Falls yesterday, with participants discussing solutions for the growth of the multi-billion-dollar sector.
President Emmerson Mnangagwa is expected to officially open the conference tomorrow.
Running under the theme “Unlocking Growth Potential for the Zimbabwe Mining Industry,” the annual mining conference will end on Friday. According to CoMZ president Thomas Gono, the theme aims to create an environment that supports growth and achieves the economic transformation envisioned under Vision 2030.
The event program includes a critical minerals symposium, a platinum group metals (PGMs) indaba, exhibitions, and various side events, including dinners, cocktails, and a golf tournament.
Yesterday featured a closed-door annual general meeting and council meeting to address the chamber’s governance.
This morning, a critical minerals symposium will discuss policy and market issues. The guest of honor for the symposium is Winston Chitando, Mines and Mining Development minister.
Key speakers, including experts from SFA Oxford, representatives from critical minerals markets, and other specialists, will share their insights.
This afternoon, CoMZ will host a PGMs indaba to address sector challenges. The PGMs industry faces weak demand, low prices, and rising costs, impacting mining operations’ viability. The price decline is mainly due to abundant supplies and deteriorating global macroeconomic conditions, resulting in subdued demand. Increased substitution in the automotive and glass industries has also favored alternative metals over palladium and rhodium.
Zimbabwe’s PGM exports declined by 36.9% in value terms to $1.4 billion in 2023. Large-scale producers like Zimplats and Mimosa have implemented cost-cutting measures, including retrenchments.
CoMZ chief executive officer Isaac Kwesu recently told journalists in Harare that the PGMs indaba will feature presentations from local, regional, and international experts, including executives from operating mines and new PGMs projects.
“We will hear from current operators on how they have been affected by the challenges facing the PGM sector. We will also hear from new investors about their appetite and progress,” Kwesu said. “We will meet with international experts from South Africa to learn how they are managing the challenges affecting global platinum prices.”
Tomorrow, the chamber will host the main conference. Speakers include central bank governor John Mushayavanhu, Finance Minister Mthuli Ncube, Zimbabwe Revenue Authority commissioner-general Regina Chinamasa, and other local, regional, and international speakers. The conference will address growth imperatives for the mining industry and energy and financing solutions for the sector.
The conference’s outcome is expected to promote the development and growth of the mining sector in the medium to long term. On Friday, there will be a networking golf tournament.
Source: Newsday
