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Zimbabwe Missed Export Earnings Target, Attributed to Worsen Economic Condition

Sep 13, 2019 08:38 PM
Zimbabwe Missed Export Earnings Target, Attributed to Worsen Economic Condition Africa Business Radio, Zimbabwe Minerals Marketing Corporation, Africa Business News, Harare, Chrome Ore, Economic Crisis

Zimbabwe's export earnings from minerals are seen plunging in the current financial year, missing government's US$4 billion targets, owing to various production constraints, as well as increased side-marketing activities and smuggling as the economic crisis deepens. The mining sector registered a 15% decline in mineral production in the first quarter of 2019 due to the depressed operating environment. Zimbabwe was this year targeting a 28% increase in mineral export earnings to US$4,2 billion from US$3,2 billion as the sector gears towards its Vision 2030 target of an annual haul of US$12 billion per annum by 2023. However, Zimbabwe's chrome ore sales softened 38,76%, while values declined 44,1% in the seven months to July 2019, driven by tumbling production as well as weakening commodity prices. Figures from the Minerals Marketing Corporation of Zimbabwe (MMCZ) show that the country exported 307,3 metric tonnes (mt) of chrome ore valued at US$41,4 million tonnes during the period down from 521mt in the same period last year earning the country US$68,8 million.

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