Chronicle Editor
Martin Kadzere Senior Business Reporter
Zimbabwe’s exports of key minerals rose 31,5 percent in the 10 months to October this year, driven by an increase in high carbon ferrochrome and chrome ore sales. The value of export receipts reached $1,25 billion from $951,8 million realised during the same period last year, according to figures by the Minerals and Marketing Corporation of Zimbabwe, a body responsible for marketing all minerals except gold and silver.
Last year, the country’s mining sector contributed 62 percent to the country’s exports from 55 percent in 2015. This year, it is expected to grow by 5,1 percent, underpinned by a strong performance in major minerals also including gold, nickel and platinum. Ferrochrome exports reached $271 million from $74,9 million last year, while chrome ore exports increased to $75 million up from $16,2 million in the previous year.
Zimbabwe lifted a four-year ban on raw chrome exports in 2015 to boost export earnings. The ban had been put in place to force companies to beneficiate the mineral. Earnings from platinum exports rose to $747,2 million up from about $670 million a year ago, while diamond exports decreased to $59 million from $97,9 million, said MMCZ.
MMCZ acting general manager Mr Masimba Chandavengerwa, said mineral exports would this year surpass initial forecasts, buoyed by improved revenues from chrome and high carbon ferrochrome.
“We have seen a significant improvement in terms of exports and this is on the back of increased exports in the chrome sector. We have a huge a huge jump compared to 2016. In fact we think we will surpass our expectations that we had at the beginning of the year. But what is critical right now in order to maintain the momentum is to ensure the producers of chrome ore and ferrochrome are supported.”
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