Mining, not farming, is now Zimbabwe’s economic mainstay — and it’s thanks to gold
The sector’s strong performance was underpinned by record gold output and an impressive showing from Zimplats
Zimbabwe has earned $2.2bn from its mining sector, which has remained vibrant despite the county’s economic challenges. Zimbabwe is richly endowed with a large trove of minerals but has failed to reap maximum benefits from the sector, due to bad management and lack of capital to fund operations. Mining accounts for more than two-thirds of Zimbabwe’s export earnings but the sector has seen some mines close, including the SA-owned Metallon Group, due to a US dollar shortage. The top six minerals that have contributed the bulk of export earnings are gold, platinum, diamonds, chrome, coal and nickel. Speaking at the Chamber of Mines mining sector performance briefing in Harare on Monday, Reserve Bank of Zimbabwe governor John Mangudya said mining had overtaken agriculture as the anchor of the country’s economy. “The mining sector accounts for about 65%-70% of exports in this country. As a country we have raked in about $3bn in export earnings since the start of the year. As at end of Oc...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.