Zim’s mineral exports breach US$4 billion mark

By Davison Vandira

Zimbabwe’s mineral export receipts for 2021 have surpassed the four billion United States dollar mark, a development that has been enhanced by high commodity prices during the year under review.

The strong mining performance for 2021 is an 18 percent growth from last year’s US$3.7 billion.

Zimbabwe’s mining sector is highly diversified, with close to 40 exportable minerals. In 2021 due to the firming of commodity prices platinum and gold dominated as they realised 2.3 billion and One billion United States dollars respectively.

Development economists have attributed the impressive performance in the mining sector to a conducive mining environment.

Investment analyst Kudakwashe Mugova noted: “This year’s mining performance is encouraging and is testimony to favourable adjustments done by government to arouse the mining sector and the recognition of artisanal miners that has increased minerals supply especial on the gold delivery.”

“This was a massive performance despite the fact that most economic activities were largely depressed due to COVID-19 induced lockdowns, both domestically and globally. Gold producers that delivered gold quantities above monthly average to Fidelity Printers and Refiners were entitled to a retention of 80% of their incremental proportion of the gold delivery,” development economist, Titus Mukove said.

The strong performance in the mining sector has set the footpath for further growth prospects in 2022 as the economy targets a 12 billion mining industry by 2023.

The post Zim’s mineral exports breach US$4 billion mark appeared first on ZBC NEWS.

Leave a Reply

%d bloggers like this: