Utho Capital, which organizes the annual conference of the mining industry in Zimbabwe (Zimbabwe Mining Indaba), postponed the event for 2017 due to the current economic conditions in this country. The event previously was to be held 12-14 October in Harare, the capital.
"On the basis of the various consultations with our main sponsors and all relevant stakeholders in the mining industry, and taking into account the current economic situation in Zimbabwe, we unfortunately will not be able to hold a conference this year", - said the representative of the company in an interview to Rough & Polished last week.
"However, we look forward to the opportunity to host an event in the next year", - he added.
Chatham House, a leading independent analytical center, close to the British establishment, said in his report that Zimbabwe's debt now stands at about $ 10.8 billion. Such a large debt is almost bled from both the public and private sector of the economy. The Company's revenues continue to fall, while the volume of defaults grow.
Finance Minister of Zimbabwe Chinamaza Patrick (Patrick Chinamasa) recently revised its projected rate of economic growth s in 2016 to 1.2% of GDP against a previous estimate of 2.7%.
The country, which previously had the potential to become one of the largest diamond producers in the world, for the first six months of this year produced only 972 765 carats of diamonds against the target of 6 million carats.
"The relatively low levels of production against the target of 6 million carats due to the lack of adequate capital from the operating companies within ZCDC, as well as the reluctance of the previous company merged with the newly formed diamond mining company", - he said.
At the same time, the country's mining sector is projected to grow this year by 13.2%, somewhat recovered. This is largely due to the expected increase in production of gold, platinum group metals and nickel.
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