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$2.4 Billion Mineral Exports rose by 27% in 2020, the Minerals and Marketing Authority of Zimbabwe divulged
Posted On 20 Jan 2021
By Abdul Rahman Bangura–
Photo Credit: Caledonia Mining Corporation
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Zimbabwe mineral exports, ignoring gold and silver, in 2020 spurted by 27%, developing the country $2.4 billion, according to the Minerals and Marketing Authority of Zimbabwe (MMCZ).
“Up to December 2020, we managed to surpass target; we had a total sales value of US$2,4 billion against a budget of US$1,86 billion,” MMCZ general manager said in an interview.
“We have done relatively well. We are 29% above budget for this year and compared to 2019 we are 27% better off.”
This puts Zimbabwe on course of attaining a $12 billion mining thrift in the following two years, told Muzenda. The mining sector is Zimbabwe’s hugest foreign dough earner, accounting for 70% of the nation’s export stubs. In two years heretofore, the administration of Zimbabwe initiated a roadmap to develop the mining sector to $12
billion by 2023 through the leverage on the nation’s various mineral wealth. The mining roadmap, also perceived as “Strategic Road to Achievement of $12 billion by 2023” streaks gold earnings at $4 billion, platinum group metals at $3 billion, chrome, iron, steel diamonds and at $1 billion, lithium at $500 million, while additional minerals are
predicted to allot $1.5 billion.
The Zimbabwe administration, in coalition with foreign investors, has enhanced footprints in stimulating the mining industry with over $1billion anticipated to be subsidized in prevailing and recent mines. The administration clenches 65% in Kuvimba Mining House – a corporation it together retains with foreign investors. Kuvimba already has dividends in mining investments, including gold, chrome, nickel, gemstone, platinum group metals (PGMs) and chrome.
It entirely regulates gold mines Freda Rebecca and Shamva. It has a 85% interest in Jena Gold Mine, 74 percent in Bindura Nickel Corporation and 47,8 percent in a multibillion-dollar platinum project, Great Dyke Investments. The group is reportedly pondering buying ZimAlloys and Sandawana Mine.
Professor Mthuli Ncube – Finance and Economic Development Minister previously asserted the huger function being inferred by the Government, heeding the institution of Kuvimba Mining House was to assure that the country achieve the $12 billion target. A number of private investments are also in the channel in coal, diamonds, lithium,
platinum and chrome sectors, which would help the government fulfill the target.
Muzenda told, the possibilities for 2021 “look even brighter” as the nation expand importance to its minerals. “This year, we will continue to focus on value addition of all products,” announced Muzenda. “We also want to see numbers going up on gemstones; we want to see people buying value from their gemstones,” he meant.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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Good job, Zimbabwe and I hope you did sell these natural resources, with a great price, not a give away price. Lilongwe Malawi. John
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Export increased by 27% but the key is price. Did Zimbabwe made good price? Thank you for the report. Lagos Nigeria. Folade
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