Zimbabwe's Mineral Revenue Declines
Zimbabwe’s mineral revenue declined from US$2.9 billion in the first half of 2022 to US$2.6 billion in the first half of this year, reported NewsDay.
This has been attributed to a number of challenges including declining commodity prices, foreign currency shortfalls, high-cost structure and capital constraints.
Speaking at the Mining Industry Suppliers Forum held in Bulawayo on Wednesday, Chamber of Mines of Zimbabwe (CoMZ) president Thomas Gono said:
The performance of the mining sector during the first half of 2023 was mixed, with platinum group metals (PGMs), up 5%, diamond (43%), lithium (100%) and coal (81%) recording output increases, while gold (-12%) and ferrochrome (-17%) recorded output declines compared to the same period last year.
Meanwhile, mineral revenue declined from US$2.9 billion in the first half of 2022, to US$2.6 billion in the same period this year.
Meanwhile, President Emmerson Mnangagwa on Thursday, 02 November urged miners to invest in value-addition and beneficiation to boost revenues.
Speaking at the official opening of the 26th edition of Mine Entra at the Zimbabwe International Trade Fair (ZITF) in Bulawayo, Mnangagwa said that increased investment in value-addition and beneficiation will make Zimbabwe a world-class exporter of processed minerals and related products.
He assured players in the mining sector that the Government remains committed to creating a conducive investment environment that attracts the necessary capital and technologies.
More: Pindula News
