gold1.jpgZimbabwe’s mineral sales have increased by 30% in the first nine months of this year to US$810 million up from US$620 million during the same period last year.

According to official information from the Chamber of Mines, the rise in mineral earnings is mainly due to the continued growth of gold and platinum output.

The data shows that platinum earnings for the period under review more than doubled to US$450 million from US$210 million.

Gold receipts increased to US$125 million from US$95 million, with other minerals such as diamonds, coal, nickel and granite, among others, contributing an average of at least US$73 million in revenue inflows.

Zimbabwe Miners Federation President, Mr Trynos Nkomo says the rise in mineral earnings is an indication of an increasing business confidence for the industry.

“This shows that the economy is on the right track to recovery,” he said.

An economic commentator, Mr Godfrey Dupwa says inspite of the growth in earnings for the mining sector, there is need for the government to plug off loopholes allegedly being used by large scale mining companies to evade the payment of taxes or royalties in a move that is prejudicing the state of millions of dollars in potential revenue.

“We hope government will stamp authority on alleged mineral leakages,” said Mr Dupwa.

The mining industry is experiencing positive growth rates on the back of increased output.

The sector is this year expected to register a 44% growth rate compared to a 30% growth level last year.