The Minerals Marketing Corporation of Zimbabwe (MMCZ), the nation’s sole minerals marketing agent excluding gold and silver, sold a total of 1.9 million metric tonnes (mt) of minerals valued at USD 1.5 billion in the first half of 2024, falling short of its revenue and volume projections.
By Rudairo Mapuranga
According to MMCZ Acting General Manager Dr. Nomsa Moyo, the Corporation had aimed to sell 2 million mt of minerals valued at USD 2.03 billion. However, declines in global mineral prices led to a 6% volume miss and a 26% revenue shortfall.
“During the same period last year, the Corporation sold 1,531,149 mt valued at USD 1.689 billion. This points to a 25% year-on-year increase in sales volumes and an 11% slump in value terms,” said Dr. Moyo.
She highlighted that 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%, translating to significant price declines compared to budget forecasts. However, year-over-year price increases were observed for platinum as it firmed 6%, rhodium 6%, copper 16%, fluorite 2%, and chrome concentrates 4%. These were not enough to offset the negative impact on overall revenue,” she said.
The top three contributors in terms of value in the first six months of 2024 were Platinum Group Metals (PGMs) matte, PGM concentrate, and Zimbabwe’s primary lithium export, spodumene.
“Overall, concentrate sales volume grew by 30%, while their value increased by 2%. However, matte sales experienced a 7% volume increase but a 5% decrease in value,” she said, attributing the volume rise across both categories to the stock carried over from the previous period.
