Story by Stanley James, Business Editor
ZIMBABWE generated more than US$3 billion from mineral sales in the first 11 months of the year, with Platinum Group of Metals (PGMs) accounting for the bulk of the earnings, according to official figures.
Data released by the Minerals Marketing Corporation of Zimbabwe (MMCZ) show that over four million metric tonnes of minerals were sold between January and November, reflecting continued growth in the mining sector despite global market volatility.
The MMCZ, the country’s sole selling agent for all minerals except gold and silver, reported that overall mineral sales rose by more than 10 percent during the period, defying international headwinds that have weighed on commodity markets.
PGMs emerged as the leading revenue earner, buoyed by renewed demand, particularly from Asian markets, which has strengthened export receipts and volumes.
Industry players say the performance underlines the sector’s resilience and its importance to the national economy.
Zimbabwe Miners Federation Chief Executive Officer, Mr Wellington Takavarasha, said the increase in exports pointed to a mining industry determined to remain competitive.
“The release of such data is basically pointing to a mining industry that is focusing on the need to stay afloat. Remember it is not easy out there given the competition from other countries but if there is a rise in export receipts and volumes it shows a strong local mining sector that is more than willing to continue offering best returns to the nation, going forward it is only those policies that are business friendly which can further sustain the current growth trajectory,” Mr Takavarasha said.
Economist Mr Persistence Gwanyanya attributed the growth to sustained capital investment in the sector since 2021, noting that PGMs had benefited significantly from expanding demand in Asia.
“The growth is a testimony that since 2021 the mining sector is enjoying successes riding on massive capital investments as for the PGMs it is imperative to note that the huge demand for the commodity in the Asian markets is further leading to such a phenomenal growth which is really vital in sustaining the needs of the economy,” Mr Gwanyanya added.
Under the National Development Strategy 2 (NDS2), Zimbabwe is prioritising market diversification, mineral beneficiation and value addition as part of efforts to strengthen the mining sector’s contribution to economic growth.
