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Business Reporter
EARNINGS from mineral exports totalled $582 million in first five months of the year despite fluctuating global resource commodity prices, the Chamber of Mines has said. It said although the $582 million in mineral export receipts indicated an 11 percent drop from the same period in 2012, mineral commodities had a potential of contributing increased inflows in the second quarter.
Platinum, gold and diamonds were the major commodities driving export earnings.
An economic commentator Mr Peter Mhaka said it was critical for the country to export value added minerals to generate more revenue.
“In order for the country to realise more from mineral export receipts, it is critical that the minerals are processed before being exported.
Official figures from the Ministry of Mines and Mining Development indicate that the mining industry has since 2009 when the economy was liberalised seen a fairytale rise, rebounding by 138 percent, growing by 38,7 percent in 2011,” he said.
He said it was also important for Government to continue working on crafting policies that would promote the growth of the mining industry.
“We are optimistic that the new Minerals Policy that the Government is working on will further stimulate growth in the mining industry so that exports receipts continue to increase.
Although the export earnings in the first five months in the mining industry are said to have declined by 11 percent, we hope that this year export receipts from mining may surpass the $1,86 billion realised in 2012, provided value addition mechanisms and favourable policies are implemented,” he said.
The mining sector is forecast to grow by 17,1 percent this year, up from the 10,1 percent attained last year.
Mineral output has of late been hampered by challenges such as power, liquidity constraints, high taxes and royalties.
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