23 April 2018

Zimbabwe: Zim First Quarter Mineral Exports Up 14pc

Zimbabwe's mineral exports revenue in the first quarter to March this year rose 14 percent driven by sales in platinum group metals and nickel, latest statistics have shown. According to the Minerals and Marketing Corporation of Zimbabwe, revenues from minerals were $397,6 million from $349 million recorded in the same quarter last year. Zimbabwe's minerals account for more than 65 percent of the country's annual foreign exchange earnings.

Platinum group metal exports rose by 20 percent to $263,4 million from $119,2 million during the previous comparable period. Zimbabwe has three platinum companies while projects worth nearly $7 billion, which are still in the pipeline.

These include the $4,2 billion investment deal Government recently signed with Cypriot investor and the $3 billion Great Dyke investments being undertaken by a Russian investor. High carbon ferrochrome exports declined by 27 percent to $63,1 million from $80,4 million in the same quarter a year ago, the Minerals Markerting Corporation of Zimbabwe said. Chrome concentrate exports increased by 14 percent to $23,8 million from $20,7 million while lumpy ore exports rose to $5,7 million from $3 million in the first quarter last year. Nickel exports more than doubled to $16,8 million from about $8,9 million.

Coke exports rose to $7,6 million from $2,4 million while granite exports declined from $7 million to $6,4 million during the first quarter. The figures exclude bulk gold exports and silver, which are marketed by the Reserve Bank through Fidelity Printers and Refiners.

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