(Ecofin Agency) - Batirai Manhando, Zimbabwean head of Chamber of mines, announced last May 18, that the country needs $11 billion to upgrade mines and boost production to optimal level over the next five years. This was during an annual meeting of the association, Reuters reports.

Through various reforms initiated by the Head of State, Zimbabwe increased its attractiveness to foreign investors but projects are still fund-strapped.

Manhando said with the exception of platinum producers, all other mines, including those of gold, nickel, cobalt and coal were operating below their installed capacity. Indeed, companies face problems such as high electricity, workforce and royalty costs.

For the record, the country’s mine sector has reportedly recorded little exploration since 2000. Also, equipment at most mines is more than 50 years old, negatively impacting the sector’s efficiency and profitability.

Let’s recall that Zimbabwe is one of world's largest platinum producers along with South Africa. Moreover, the country has also significant lithium reserves. Mining generates more than half of Zimbabwe's export earnings.

Louis-Nino Kansoun