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NewsDay

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Mining earns $379m in first quarter

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The mining sector produced minerals worth $379 million in the first quarter of the year, figures made available by the Chamber of Mines of Zimbabwe have shown. The minerals included in the statistics are chrome, copper, gold, graphite, high carbon ferrochrome, nickel, rhodium, rhuthenium. According to the figures gold earned more money for the country […]

The mining sector produced minerals worth $379 million in the first quarter of the year, figures made available by the Chamber of Mines of Zimbabwe have shown.

The minerals included in the statistics are chrome, copper, gold, graphite, high carbon ferrochrome, nickel, rhodium, rhuthenium.

According to the figures gold earned more money for the country compared to the other minerals during the period under review.

Gold earned $112 million against a total output of 2 500 kilogrammes indicating a 29% increase from 1 931kg over the same period last year.

Production levels of minerals such as palladium, platinum and nickel declined during the period under review.

Platinum output dropped by 4% in the first quarter of this year to 2 118kg from 2 212kg same period last year.

A total of $111 million was raised through platinum production in the first quarter of the year. Chrome output rose to134 954kg from 119 866kg earning total of $17 million.

Graphite output rose to 640% to 1 213kg from 164kg for same period last year raising a total of $624 469.

A local economist in the mining sector said key sectors in the mining sectors such as gold and platinum were likely to grow further this year due to favourable international prices.

“I am more than sure that the platinum and gold sectors will rebound in the three remaining quarters of the year. The growth will be more than the decline recorded in the first quarter of the year, for example recorded by the platinum,” said the economist.

The mining sector is one of the sectors of the economy that is expected to boost the economy of this country which is recovering from a decade of meltdown.

The country’s mining sector is expected to grow by 44% this year, buoyed by increase in platinum, diamond, coal and ferrochrome output.

However the new indigenisation and empowerment laws could adversely affect the industry’s growth if not properly implemented.