Winston Chitando

Zimbabwe generates US$9.7bn worth of mineral exports

DESPITE illegal sanctions, Zimbabwe was able to generate US$9.77 billion in mineral revenue, making it the 10th African country to export the largest volumes of natural resources last year.

According to a report by the Economist Intelligence Unit, the research and analyst wing of the Economist Group, Mining Zimbabwe, the country is likely to improve its position on the list if it achieves its target of a US$12 billion mining industry by the end of 2023.

“Zimbabwe set a target of US$12 billion mining industry by the end of 2023 and should it meet the target, the country will likely advance on the list,” said Mining Zimbabwe.

Despite illegal sanctions imposed on the country by the United States and some of its Western allies, Zimbabwe was slightly below Ghana, which exported US$10.92 billion. Zimbabwe has a variety of minerals including platinum, chrome, coal and gold.

The country also has the largest deposits of lithium on the continent. Its Bikita Minerals Mine holds the world’s largest-known deposits of lithium at approximately 11 million tonnes. Neighbouring South Africa, which has rich deposits of gold, manganese and platinum, sits at the top of the list with a mineral production worth a staggering US$124.96 billion.

It is followed by Nigeria which generates the second highest mineral revenue at US$52.69 billion, chiefly from its oil reserves. Algeria is third on the list with its revenue largely derived from hydrocarbons. Angola at number four has a diverse range of minerals including diamonds, gold and oil. It generates US$32.04 billion in mineral revenue.

“Despite being ranked fifth on the list, Libya has a relatively modest annual mineral production of US$27.03 billion. This is primarily due to the country’s reliance on oil and neglect of other minerals. “Egypt has a variety of minerals including gold, copper and silver. Its mineral revenue stands at US$23.22 billion,” Mining Zimbabwe said.

Ghana trails Egypt and its mineral production primarily comes from gold, limestone and iron ore. It generates US$14.97 billion in mineral revenue.

The Democratic Republic of Congo is ranked number eight and hosts a large reserve of minerals, including gold, copper and cobalt. It generates US$13.69 billion in mineral revenue. Ninth is Gabon which has significant deposits of manganese, iron ore and uranium, generating US$10.92 billion in mineral revenue. — New Ziana

Leave a Reply

Your email address will not be published. Required fields are marked *