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High commodity prices to spur Zimbabwe’s mineral export earnings

By Davison Vandira

ECONOMIC observers are upbeat that Zimbabwe’s mineral export receipts for 2022 are expected to surpass the US$4 billion mark achieved in 2021 due to the sustained increase of commodity prices internationally throughout this year.

The strong mining performance for 2021 generated US$4.4 billion an 18 percent growth from the 2020 level of US$3.7 billion.

With international commodity prices unstable and ever increasing, Zimbabwe’s mining sector which is highly diversified, with close to 40 exportable minerals has given economic analysts reasons to be optimistic about the sector’s boom.

“The current projection with respect to high prices coupled with good policies and incentives  like the Gold incentives and tax holidays given to some platinum miners will give the mining sector the impetus to grow and this will help Zimbabwe develop economically in the long term given that mining supports several other sectors directly and indirectly,” said Mr Kudakwashe Mugova, Investment Analyst.

The strong performance in the mining sector will set the footpath for further growth prospects in 2023 as the economy targets a US$12 billion mining industry.

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