Zimbabwe’s Mining Sector Hits Record US$5.34 Billion in 2024
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Zimbabwe’s mining industry outperformed expectations in 2024, generating US$5.34 billion in value-added mineral exports 33% above its US$4 billion target. The sector grew by 2.3% despite global commodity price fluctuations, cementing its position as the nation’s economic backbone, according to the Ministry of Mines’ 2024 Performance Evaluation Report.
Key achievements include 32 tonnes of gold delivered to Fidelity Gold Refinery and successful new projects like the US$3.6 billion Palm River Energy metallurgical zone in Beitbridge. Economists credit this performance to enhanced value addition, pro-investment policies, and the resilience of small-scale miners who boosted gold, lithium and chrome production.
“Local mineral processing and strategic expansions shielded us from global downturns,” noted economist Michael Phiri. The sector avoided the mine closures seen elsewhere in Africa, with revived operations creating jobs and strengthening supply chains.
With 7% growth projected for 2025, industry leaders anticipate stronger output from platinum, lithium and nickel operations. However, analysts like Alice Chikonzi warn maintaining momentum requires continued investment in processing infrastructure and production efficiency.
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