Zimbabwe earns 210 mln dollars from mineral sales

Zimbabwe, one of the biggest producers of precious metals in the world, has raked in a total of 210 million U.S. dollars from the sale of various minerals in the first seven months this year.

Mineral production figures released by the Chamber of Mines on Friday indicated that gold, platinum, nickel and high-carbon ferrochrome were among the major contributors to mineral earnings.

A total of 6,031 kilograms of gold worth 51.2 million dollars were sold from January to July this year while some 2,804 kg of platinum valued at 36.8 million dollars were sold.

Some 5,146 tons of nickel worth 35.2 million dollars and 122, 401 tons of carbon ferrochrome worth 32.8 million dollars were also sold. Other contributors include chrome , rhodium, paladium and coal.

Meanwhile, production of several minerals has been on a downward trend in recent months, with asbestos production having declined from 10,829 tons in June last year to 9,064 tons in June this year.

Gold production at 1,188 kg in June last year has dropped to 908 kg during the same period this year. Nickel production was at 741 tons in June last year but dropped to 676 tons this year.

Platinum and a number of platinum group metals such as paladium, rhodium and rhuthenium were, however, some of the minerals recording an increase in production. Mineral production, which accounts for about 4 percent of Gross Domestic Product, about 4.5 percent of employment and 16 percent of total foreign exchange earnings in the country, has been declining over the years due to mine closures, shortage of foreign currency and power among other factors.

Source: Xinhua