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Tuesday, June 6, 2023

Mineral exports dominate national foreign currency earnings

By Owen Mandovha

THE mining sector’s dominance in the country’s total export revenue has gradually risen over the years owing to increased activity in the sector since the inception of the Second Republic.

Giving a lecture on the state of the economy at the Zimbabwe National Defence University this Thursday, Chamber of Mines chief economist Mr Pardon Chitsuro revealed that mining export receipts now account for a staggering 83 percent, up from 66 percent almost five years ago.

“Mining exports for the first 6 months of the year stood at US$2,8 billion compared to US$2,3 billion in the same period last year. We project that they will surpass the US$6 billion mark by 2023. At the moment mineral exports account for 83 percent of total exports,” he said.

Mr Chitsuro further projected a surge in mineral output next year, underlining the mining industry as the key driver of Zimbabwe’s economic growth.

” The economy is set to register significant growth in the upcoming year based on firming production output of key minerals such as lithium which is projected to rise by 100 percent.”

The lecture audience included senior security officers from several African countries, including Malawi, Zambia, Tanzania and Namibia.

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