Home Mining Mining export receipts miss projected US$1.2bn target.

Mining export receipts miss projected US$1.2bn target.

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Underground drilling at Lonmin Saffy Platinum Mine in Marikana . 05/07/2012 . picture by KATHERINE MUICK-MERE .

Fluctuating global minerals prices have seen Zimbabwe’s mineral earnings marginally missing projected targets to US$1.1 billion against a target of US$1.2 billion between January and July this year, Minerals Marketing Corporation of Zimbabwe (MMCZ) statistics have revealed.

The MMCZ which is responsible for the marketing and selling of resource commodities except gold and silver is bemoaning a combination of energy constraints such as fuel and electricity supply challenges as having had a negative impact on overall production.

The platinum group of metals continue to dominate the MMCZ export chart with a total contribution of more than 65 percent.

However, the corporation’s General Manager Mr Tongai Muzenda said while mineral exports are expected to play a leading role in economic revival, it is the fluctuating global commodity prices that are a key cause for concern.

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“The fluctuating global mineral prices are also posing a challenge, however, it is important to note that fuel and electricity supply constraints have also had a negative impact on production volumes,” he said. Zimbabwe’s mining sector is highly diversified, with close to 40 different minerals.

The dominant or major minerals include gold, platinum, chrome, coal, and diamonds.

ZBC

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