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Friday, May 24, 2024
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Global demand for lithium, platinum, and gold spurs Zimbabwe’s mineral production

Story by Stanley James, Business Editor

ZIMBABWE has recorded an increase of over 20 percent in mining production during the second quarter of the year, driven by global demand for lithium, nickel, gold, and platinum.

According to the Index of Mineral Production for the second quarter of the year released by the Zimbabwe National Statistics Agency (ZIMSTAT), overall mineral production was over 144 percent, reflecting more than 20 percent increase against 119 percent recorded last year.

Riding on the supply deficit within the international markets, the platinum mining industry ramped up production as evidenced by an over 25 percent rise in output, with a focus on expanding operations.

The statistics show that gold is the biggest foreign currency earner and also continues to facilitate further growth in mineral production as output during the period under review rose by over 26 percent.

Investments in the diamond value chains which have seen international firms injecting fresh capital have resulted in diamond output surging despite some limited operations that translated into a marginal decrease in terms of quarter-to-quarter output trends.

The influx of new entrants and diversified mining entities within the coal mining sector has also added a positive element to the growth trajectory of the resource commodity as ZIMSTAT data shows that overall production registered an over 12 percent increase.

As authorities continue efforts to revive copper mining in Zimbabwe, the mineral commodity is also slowly recovering with indications of growth in output although huge capital outlay is still a challenge in terms of maximising production.

The Mining Index data shows that lithium which is emerging as one of the key enablers of the mining sector continues on a growth path characterised by a rise in investment and exploration.

Investments in the granite mining industry have also seen the mineral commodity accounting for an over 43 percent increase in production.
The Mining Production Index data shows that favorable nickel prices on the international market have also increased overall production.

Zimbabwe is targeting a 12 billion United States dollar mining sector by the end of the year.

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