Staff Reporter
The Minerals Marketing Corporation of Zimbabwe (MMCZ) has reported significant growth in sales volumes for the first half of 2024, despite facing a challenging global market environment.
In a press statement, MMCZ’s Acting General Manager Dr. Nomusa Moyo said that the Corporation sold a total of 1.9 million metric tonnes (Mt) of minerals, valued at US$1.5 billion.
“MMCZ recorded a 25% increase in sales volumes during the first quarter of 2024, compared to the same period last year, when 1,531,149 (Mt) were sold. Overall, concentrated sales volume grew by 30%, while their value increased by 2%. However, matte sales experienced a 7% volume increase,” she noted
Dr Moyo also said that spodumene sales significantly outperformed expectations in the first half of 2024.
“One of the standout performers was spodumene, Zimbabwe’s primary lithium export. The Corporation achieved a total value of US$233,017 from 331,826 Mt sold, far exceeding the budgeted target of US$105,000 from 275,000 mt. This reflects a substantial increase in both volume (21%) and value (122%).
MMCZ saw price increases for several minerals year-over-year, including platinum (6%), rhodium (6%), copper (16%), fluorite (2%), and chrome concentrates (4%). These increases provided some relief amid broader market declines.” Moyo added
However, MMCZ missed its overall revenue and volume targets for the first half of 2024. The Corporation aimed to sell 2 million Mt valued at US$2.03 billion but fell short, achieving 1.9 million Mt and US$1.5 billion. This marks a 6% volume miss and a 26% revenue shortfall.
Dr Moyo attributed this shortfall to the decline in global mineral prices, which significantly impacted Zimbabwe’s top revenue contributors.
“Depressed mineral commodity prices for some of Zimbabwe’s top revenue contributors significantly impacted performance in the first half of 2024. Lithium was down 72%, nickel 20%, coal 13%, and coke 39%,” she explained.
Meanwhile, Zimbabwe’s rich mineral resources continue to provide a strong foundation for the country’s economic growth. With diverse and abundant mineral deposits, including valuable elements like platinum, lithium, and chrome, the nation is well-positioned to benefit from global demand.
