Business / Economy
Excluding diamonds, mineral exports more than doubled to $1.3 billion
10 Mar 2011 at 05:08hrs | Views
MINERAL exports, excluding diamonds, more than doubled to US$1,3 billion last year, largely driven by higher output and strong commodity prices, latest figures from the Chamber of Mines show.
At least US$600 million was raked in from the exports in 2009.
Last year, platinum shipments accounted for almost a third of the revenue with exports amounting to about US$409 million.
Gold exports earned the country about US$380 million. Coal raked in US$87,9 million while ferrochrome brought in US$134 million.
Zimbabwe did not export ferrochrome in 2009.
Chrome realised US$56,8 million, copper US$28,5 million, nickel US$111,2 million and palladium US$100,6 million.
Zimbabwe's mining sector experienced challenges over the past 10 years, alongside other key economic sectors, such as manufacturing, agriculture, tourism and financial services.
Investment is returning to the mining sector, following the establishment of a unity government in 2009.
The liberalisation of the gold sector in the same year was a further boost to the industry.
Coal mining also received a boost from an investment in the Hwange Colliery and the notable developments in the mining space that include the opening up of the country's coal fields by President Mugabe and the approval of over 60 applications for the development of the country's coal asset.
The more than two-fold increase in chrome output last year was largely due to increased processing at Zimasco and Zimbabwe Alloys.
Chrome's growth is expected to continue this year on the back of mine expansion plans.
While the outlook for the mining industry is positive, the industry remains beset by significant challenges, which implies that although the growth rate is exceptional, it remains below potential.
At least US$600 million was raked in from the exports in 2009.
Last year, platinum shipments accounted for almost a third of the revenue with exports amounting to about US$409 million.
Gold exports earned the country about US$380 million. Coal raked in US$87,9 million while ferrochrome brought in US$134 million.
Zimbabwe did not export ferrochrome in 2009.
Chrome realised US$56,8 million, copper US$28,5 million, nickel US$111,2 million and palladium US$100,6 million.
Zimbabwe's mining sector experienced challenges over the past 10 years, alongside other key economic sectors, such as manufacturing, agriculture, tourism and financial services.
Investment is returning to the mining sector, following the establishment of a unity government in 2009.
The liberalisation of the gold sector in the same year was a further boost to the industry.
Coal mining also received a boost from an investment in the Hwange Colliery and the notable developments in the mining space that include the opening up of the country's coal fields by President Mugabe and the approval of over 60 applications for the development of the country's coal asset.
The more than two-fold increase in chrome output last year was largely due to increased processing at Zimasco and Zimbabwe Alloys.
Chrome's growth is expected to continue this year on the back of mine expansion plans.
While the outlook for the mining industry is positive, the industry remains beset by significant challenges, which implies that although the growth rate is exceptional, it remains below potential.
Source - Byo24News
