Zimbabwe’s mining
industry is set to shrink for
the first time in five years
because of plummeting
metal prices, high costs
and a lack of capital, the
country’s Chamber of
Mines said in a statement
recently.
The industry may
contract by 2% this year,
the Harare-based chamber
said. “The sector continues
to operate below capacity
amidst a host of challenges,
not restricted to but
including depressed metal
prices, lower capital and
foreign direct investment
inflows, high cost
structures, sub-optimal
royalties and shortages of
power,” said a chamber
spokesperson
Zimbabwe, which has
deposits of gold, coal and
iron ore, has the world’s
biggest platinum and
chrome reserves after South
Africa. Mining is the biggest
source of foreign exchange,
with platinum group
metals and gold leading
tobacco as the nation’s
largest exports.
CAPTION
Iron ore at the Mimosa Platinum Mine … Zimbabwe has
the second highest platinum reserves in the world.
