Zimbabwean mineral exports up 9% in 2019

The Mineral Marketing Corporation of Zimbabwe (MMCZ) has reported an expected 9% growth in mineral exports this year compared to 2018. Excluding gold and silver, exports are estimated to total US$1.8 billion.

Last year, the Zimbabwean mineral marketing corporation exported US$1.6 billion worth of minerals. This excludes gold and silver exports, whose marketing falls under the remit of Fidelity Partners and Refineries (FPR), a subsidiary of the Reserve Bank of Zimbabwe.

Growth of mineral exports is considered vital to foreign currency generation in Zimbabwe. The country is heavily dependent on external imports and requires significant stable currency in order to import fuel, electricity, and medicines.

Mining generates over 60% of the foreign currency invested in the country and employs 45,000 people. It is seen as one of the major contributors towards short and medium-term economic growth.

MMCZ general manager, Tongai Muzenda, stated that the rise can in part be attributed to better prices for platinum group metals (PGMs) “which have been higher this year compared to last year”.

"We have also made some strides on the beneficiation front and I think the commissioning of the Unki smelter is one such highlight as well as the increase in our ferrochrome exports”, he continued.

The Corporation manager noted that this growth should be viewed with particular optimism, in light of the power cuts which have dogged the Zimbabwean economy over the past year. He stipulated that had it not been for the power cuts, revenue increases could have risen much higher, and gone some way to restoring investor confidence, which has been waning over the past two years.

"Had we not faced these power challenges, we definitely would have been talking about a huge jump in our exports”, said Mr Muzenda.

Zimbabwe aims to continue growing its mining sector from a US$3.8 billion industry to one worth US$12 billion by 2023.