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Oliver Kazunga
Senior Business Reporter
PLATINUM Group Metals (PGMs) remained Zimbabwe’s biggest mineral export, excluding gold, after accounting for 50 percent of the US$2,6 billion shipments recorded in the first 11 months of the year.
The Minerals Marketing Corporation of Zimbabwe (MMCZ), which is responsible for selling all the minerals produced in the country except gold and silver, revealed this at a media appreciation cocktail in Harare on Friday.
Between them, gold and PGMs account for more than three-quarters of Zimbabwe’s export earnings while minerals constitute over 90 percent of the country’s total shipments annually.
“Our top three performers remain unchanged with PGMs and lithium dominating mineral exports.
“In the period under review, PGMs remained our top earner, with a total of US$1,3 billion being realised from this revenue head.
“Coming second were lithium exports which realised a total of US$457 million — high carbon ferrochrome (ferro alloys) exports realised a value of US$311,5 million,” said MMCZ acting general manager Dr Nomusa Moyo in a speech read on her behalf by the acting deputy general manager finance and administration Mr Arthur Gwarimbo.
“In the first 11 months of the year, cumulative mineral sales of 3,9 million tonnes valued at US$2,6 billion were recorded, this is compared to a total 3,2 million tonnes valued at US$3 billion that was sold for the same period last year.
“The decline in value and volume terms is attributed to depressed global mineral prices, a phenomenon that deepened in the period under review.”
He said their strategic plan for 2024 was aligned with the objectives of the National Development Strategy 1 (NDS 1), especially in promoting value addition and beneficiation, accounting for mineral resources and increasing revenue.
NDS 1, a five-year economic development programme that runs through 2025, seeks to lay a firm foundation for sustainable and inclusive growth in line with Vision 2030 targets by which should have attained upper middle-income economy status.
Under NDS 1, the Government has identified 14 key priority areas that include economic growth and stability, health, food and nutrition security, human capital development, environmental protection, and digital economy.
Dr Moyo added that MMCZ’s resource accounting efforts saw them achieving among others, enhanced mineral resource accounting, capacitation of metallurgical laboratory, curbing mineral leakages as well as value addition.
“As part of efforts to plug mineral leakages, MMCZ established a joint taskforce with stakeholders to enhance inter-agency cooperation, mitigate mineral leakages, and improve the ease of doing business.
“Going forward we have plans to enhance research and development, upscale efforts to account for mineral resources, and pursue development of new markets in uncharted territories,” she said.
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