Mineral sales drive export earnings – ZIA - Zimbabwe Situation

Mineral sales drive export earnings – ZIA

via Mineral sales drive export earnings – ZIA | The Source May 12, 2014

Zimbabwe’s export earnings rose to $354 million for the four months to April compared to $46,8 million recorded in the same period last year, driven by mineral sales, according to figures from the Zimbabwe Investment Authority.

Mining accounted for nearly $345 million of foreign exchange generated during the period under review followed by manufacturing, which realised $7,4 million and services $1,3 million.

Approved investments were over 300 percent higher than prior year at $410,8 million over the four months, with joint ventures in the services sector accounting of over 50 percent.

Government has in recent months toned down its indigenisation rhetoric.  While Zimbabwe’s empowerment law compels foreign companies worth more than $500,000 operating in the country to cede 51 percent of their shares to indigenous Zimbabweans, it has insisted that it will treat each case differently and even then, where local resources are involved.

ZIA said the approved projects would create 3,561 new jobs compared to the 2,484 last year.

 

COMMENTS

WORDPRESS: 4
  • comment-avatar
    John Thomas 5 years ago

    None of the statistics make any sense at all. The counties exports are worth at least four billion a year officially and another three billion unofficially. The investment figure are lies too. Knowledgable investors do not go anywhere near ZIA as this is the gateway to being fleeced by the ZANU machine.

    • comment-avatar

      LOL. These reports are always mind boggling in their ineptitude, is there no editor to check them?

  • comment-avatar
    Mlimo 5 years ago

    Three months last year 46.8 millions this year same period 354 million ? REALLY?
    All the economists barring Eddie cross left Zimbabwe? And all the accountants? This what happens with schooling failing we have idiots who can’t do maths. Oh sorry this a zanupf mouthpiece so any garbage will do!

  • comment-avatar
    furedi 5 years ago

    They would not give figures for mining last year because that all went to the election rigging.This year they will give figures because they want to appear transparent, but we know that the mining sector alone if done transparently could get us out of our dead end economy.