MINES CONTRIBUTE M1B TO FISCUS
Government is intensifying measures to increase the mining sector’s contribution to the economy amid revelations it contributed more than M1 billion to the fiscus in the 2015/16 financial year
This was recently revealed by Mining Minister Lebohang Thotanyana while presenting an annual update on the status of the mining sector in the country in the National Assembly.
The latest figures indicate an increase from M852 million in the 2014/15 financial year and the minister said this translated into a 10 percent contribution to the country’s Gross Domestic Product (GDP).
To date, the mining sector has attracted a total foreign investment injection of US$500 million (about M7.1 Billion) and created 3000 skilled and unskilled jobs for locals.
Mr Thotanyana also took the opportunity to outline the ministry’s plans for further development, saying five new diamond mines would soon be opened
Currently, Lesotho’s operational diamond mines are Letšeng Diamonds and Storm Mountain Diamonds also known as Kao mine.
Mr Thotanyana further stated the ministry was also planning to attract investment of at least M5 billion that would help create an additional 10 000 jobs.
Mr Thotanyana said they had employed different strategies to explore for other minerals as part of the ministry’s efforts to diversify the type of minerals mined in the country.