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Business Reporter
Zimbabwe raked in US$531 million in mineral exports in the first quarter of the year, signifying a 16 percent jump compared to the same period last year.

The statistics, however, exclude gold, one of the country’s largest single foreign currency earners.

Figures availed to this paper by the Minerals Marketing Corporation of Zimbabwe (MMCZ), are proof that the mining sector is ramping up production in line with Government’s thrust towards the US$12 billion milestone by 2023.

Last year, the state marketer had managed US$456 million in the same period and had it not been for the effects of Covid-19, which has crippled global economic activities, the increase could have been much higher.

However, despite the 16 percent jump, this year’s return fell 15 percent off Government’s target of US$623 million.

MMCZ general manager, Mr Tongai Muzenda, told The Herald Finance & Business that Platinum Group of Metals, accounted for the largest contribution with a staggering 67 percent of the total sale.

For a change, diamonds upstaged chrome and chromium products with both the Zimbabwe Consolidated Diamond Company (ZCDC) and Murowa Diamonds coming in strongly.

“In terms of contribution, about 67 percent of this was from PGMs — both mette and concentrates,” said Mr Muzenda.

“The next biggest contributor this time was diamonds giving us about 16 percent . . .  Chrome this time was not very good,” he said.

The minerals marketing board boss said the statistics should be read in the context of the fact that most mining houses were either closed or operating at below planned capacity as a mitigatory measure to the spread of Covid-19. With China, the world’s biggest chrome and chromium marketer being the initial epicentre of Covid-19, Mr Muzenda said the international chrome prices naturally took a knock thereby affecting Zimbabwe’s total receipts.

Other key markets for Zimbabwean minerals are Italy, the United States of America, South Africa all of which have taken huge economic battering from Covid-19.

The statistics also show that figures took a huge knock in March in particular as effects of the Covid-19 pandemic spread to the rest of the world from China.

With President Mnangagwa having exempted the mining sector from the current national lockdown, chances are that production could meet set targets with depressed exports which can then shoot up as global economic activity picks up.

Minerals falling under the ambit of the MMCZ are expected to account for US$8 billion annually under the 2023 milestone.

The other US$4 billion is expected to come from gold.