MINING has been the fastest growing sector in the economy and last year contributed about 65 percent of foreign exchange earnings, raking in US$919 million towards the country’s Gross Domestic Product (GDP). Speaking at a Chamber of Mines annual general meeting (AGM) held recently in Victoria Falls, ZB Chief of Economics and Strategy Joseph Mverecha said the mining sector grew by 47 percent last year and a projection of over 30 percent growth was expected this year. Mining growth rate was expected to remain in the double digits over the next five years while GDP was expected to double this year to around US$1,198 million. He said the gains were at the back of a “steadily recovering economy” marked by price stability and capacity utilisation, which increased revenue and deposit growth since dollarisation in 2009. The country’s three political parties — ZANU PF, MDCT and MDC-N — signed the Global Political Agreement (GPA) in 2008, which contributed towards bringing normalcy to the economy. However, analysts said the ‘real success’ of the political agreement signed by the three principals could only be achieved if the illegal economic sanctions imposed against the country by the West are removed. “Mining has potential for catalytic role for economic wide growth and contributes to the GDP by multiplier effects,” he said. Mverecha said the mining sector was envisaged to thrive when the empowerment framework of the indigenisation programme was formulated on the basis of stakeholder consensus. The Government’s indigenisation and economic empowerment programmes seek to empower indigenous Zimbabweans through holding at least 51 percent in foreign-owned companies doing business in the country. According to the Ministry of Youth Development, Indigenisation and Empowerment, most companies are complying with the indigenisation and economic empowerment legislation after being given up to September this year as the due date to submit their ownership restructuring proposals. New investment in infrastructure, energy, power and Information Communication Technologies (ICT) and sustained political and macroeconomic stability, said Mverecha, were vital for accelerated growth in the mining sector. Zimbabwe has vast wealth of relatively minimally exploited minerals and precious stones in high demand internationally and a major catalyst for the much needed economic recovery. These include, amongst others, gold, diamonds, platinum, nickel, chrome, lithium, methane gas and coal