Mineral exports rake in US$403m

Business Reporter

ZIMBABWE exported a total of 426 359 tonnes of various minerals valued at about US$403 million in the first five months to May, up from US$191,9 million realised during the same period last year, official figures show.

Data released by the Minerals Marketing Corporation of Zimbabwe shows that a total of 412 086 carats of diamonds valued at US$23,45 million were sold between January and May.

State-owned MMCZ is responsible for marketing all minerals except gold and silver.

Diamond sales from Chiadzwa, where two companies, Mbada Holdings and Canadile Diamonds, are operating, which had been planned to commence from April 2010 have been delayed.

Zimbabwe is yet to receive certification from the Kimberly Process as a pre-condition to commence selling. Diamond exports were from RioZim Murowa Mines and River Ranch.

Government suspended diamond exports arguing it was in accordance with the world trade organisation rules on non-discrimination in trade because the Kimberly Process was yet to issue export clearance to other mining houses.

Estimates show that Zimbabwe is sitting on Chiadzwa diamond stock of about 400 000 carats worth US$1,7 billion.

Platinum group metals from Zimplats accounted for the bulk of mineral sales as 163,316 ounces valued at US$175,756 million were exported. PGMs concentrate from Mimosa Platinum mines were valued at US$129,6 million

Chrome exports came in at US$16,5 million, coal at US$3,2 million, coke at US$14,4 million and nickel at US$23,4 million.

Zimbabwe’s economy is expected to grow 7 percent this year, buoyed by strong performance of the mining sector. The sale of Chiadzwa diamonds is also expected to improve Government revenue.

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