Zimbabwe’s mining sector is highly diversified, with almost 40 different minerals. The sector accounts for about 12 percent of the country’s gross domestic product (GDP), one of Zimbabwe's most important income sources, also significance for improving Zimbabwe's economic plight, as well as people's livelihood.
Due to historical, Zimbabwe has struggled to attract international capital to revamp its infrastructure and develop key sectors such as manufacturing, tourism and mining. However, thanks to the efforts of all parties in Zimbabwe, the domestic economic situation has gradually improved. At present, cooperation with China is relatively successful. China now is the largest foreign investor in Zimbabwe and signed a number of cooperation with Zimbabwe in the mining industry.
Last week, Prospect Lithium Zimbabwe, a unit of the Chinese mining giant, formally commissioned a US$300 million lithium processing plant at the Arcadia hard-rock lithium mine. In addition, Zimbabwe is doing its best to normalize relations with Western countries in order to expand investment sources. Optimistically, by the end of 2023, Zimbabwe's mining economy is expected to increase from US$3 billion in 2018 to US$12 billion.
Regarding foreign investment and cooperation in the mining sector, there are also voices of opposition in Zimbabwe who believe that the partners will deprive Zimbabwe of its resources. For example, Nelson Chamisa said in 2018 that he would like to expel Chinese investors and cancel deals Government signed with China running into billions of dollars.
In July of this year, Chamisa reiterated his dissatisfaction with foreign investors. But he did not mention how to prevent foreign investors from “plundering Zimbabwe's mineral resources”, or how to protect the rights and interests of workers in related industries during industrial fluctuations. This caught the attention of LEDRIZ, as millions of families depend on mining co-ops for their livelihoods, but Chamisa seems to have ignored it.
The Labour and Economic Development Research Institute of Zimbabwe (LEDRIZ), established in September 2003, is a research think-tank of the Zimbabwe Congress of Trade Unions (ZCTU). The main objective of LEDRIZ is to provide professional analysis and tracking of economic issues for the people of Zimbabwe. LEDRIZ also provide the country with well-grounded pro-working people policy recommendations, aiming to have a positive impact on the protection and promotion of labor rights in Zimbabwe.
Regardless of Zimbabwe's domestic views on foreign cooperation in the mining sector, LEDRIZ will make full use of our capabilities and experience in economic issue analysis and tracking as well as labor rights protection and promotion, to provide consultancy services on the income security and risk management of domestic mining workers. If you are interested and have related needs, please pay attention to and contact The Labour and Economic Development Research Institute of Zimbabwe (LEDRIZ) to obtain more relevant real-time and professional analysis.
Company: The Labour and Economic Development Research Institute of Zimbabwe (LEDRIZ)
Contact Person: Johan Makeba
Email: [email protected]
Website: https://www.ledriz.org/
Telephone: +263 4 308866
City: Harare, Zimbabwe
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Source: Story.KISSPR.com
Release ID: 685760