Mineral exports rake in US$508m in April

Zimbabwe’s mining industry earned half a billion dollars from export sales in April on the back of improved global pricing models.

Improved global resource commodity prices are acting in favour of Zimbabwe’s mineral export sales which recorded US$508 million on gross revenues in April.

Although the income accrued reflects a one percent drop compared to the same period last year, a steady recovery in earnings for strategic mineral commodities has ignited optimism on the recovery of the sector.

According to data from the Minerals Marketing Corporation of Zimbabwe (MMCZ) an agent responsible for the marketing of all minerals excluding gold and silver made available to the ZBC News on Monday, diamonds took the lead in production which was a 19 percent increase from the same period last year.

Platinum group metals were on the second spot in terms of production despite a drop in concentrate volumes, thereby earning US$183 million.

Chrome concentrates earned the nation US$30.4 million translating into a 25 percent increase in volumes following the removal of an export ore ban by the government in 2015.

Zimbabwe is projecting to earn at least US$1.78 billion from mineral sales this year from US$1.5 billion in 2017 on the back of an anticipated surge in global demand and increased output for key strategic mineral commodities.

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