PGMs contribute 60 pc in exports

Platinum Group of Metals (PGMs) contributed more than 60 percent of the country’s total revenue from mineral exports in the first nine months of the year.

This was revealed by the Minerals and Marketing Corporation of Zimbabwe (MMCZ) in statistics availed detailing the country’s mineral exports which totalled US$1, 77 Billion in the period under review.

PGMs are one of the key minerals with which Government is leveraging turning around the mining sector towards US$12 Billion annual exports by 2023 up from US$2, 7 billion attained in 2017.

The MMCZ statistics exclude what was earned from the export of gold and silver whose marketing is the preserve of Fidelity Printers and Refineries (FPR).

“Our sales for the period ending September stood at US$1, 77 billion which was 24 percent above budget,” said MMCZ General Manager Tongai Muzenda.

“One of the driving factors for this was platinum group of metals which did very well.

“More than 60 percent of our exports came from PGMs,” he said.

Under the 2023 mining sector milestone, PGMs are expected to contribute US$3 Billion annually.

This will be achieved through two main strategies which are increased value addition and ramping up on production.

On production, the three current producers, Zimplats, Mimosa and Unki are undertaking different expansion projects which are expected to feed into the 2023 target.

Other new projects like Karo Resources and Great Dyke Investments are also expected to have come on stream further expanding on output.

news24.com