Friday, November 19, 2010

(NEWZIMBABWE) Mineral exports bring in US$800m

Mineral exports bring in US$800m
by Business Reporter
19/11/2010 00:00:00

ZIMBABWE earned US$807 million from mineral exports in the first nine months of the year, a state-run minerals marketing agency said on Friday. The Minerals Marketing Corporation of Zimbabwe (MMCZ) said the earnings represented an increase of 25 percent over the same period last year.

The agency said platinum, of which Zimbabwe has the second largest reserves in the world after South Africa, accounted for the bulk of the earnings at US$540 million. This was followed up by diamonds at over US$100 million, and smaller earnings from nickel, coal and granite.

Gold production has surged strongly this year, and export earnings were projected around US$500 million for the full year.

Zimbabwe’s mining sector has been on the rebound, buoyed by strong commodity prices and an improving local operating environment.

Operators have been particularly complementary about the government’s decision to ditch the Zimbabwe dollar and remove other operational restrictions which had chocked the industry over the last decade.

However the industry still expresses concern over power supply interruptions and the government’s empowerment regulations which require all foreign-owned firms to localise at least 51 percent of their issued share capital.

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