Zimbabweâ€™s mining sector has continued on a recovery path with figures showing that mineral exports have increased by 30% to US$800 million during the first half of this year.During the same period last year, the country realised US$550 million from mineral exports.
According to official data released by the Chamber of Mines in Zimbabwe, the growth in mining export earnings is being driven by platinum output which accounted for 36% of total production in the first six months of this year.
Chamber of Mines president, Mr. Winston Chitando said in spite of a rebound in mineral earnings, the industry which is mainly capital intensive is experiencing problems in securing at least US$3 billion for the exploration of new mineral reserves.
â€œIndeed there is growth but we are still reeling under cash flow challenges and we are in talks with willing banks,â€ said Mr. Chitando.
Stakeholders in the mining industry are focusing on mobilising funds from multilateral institutions such as the Development Bank of Southern Africa, PTA Bank, Africa Export and Import Bank and the African Development Bank.
The mining industry is this year expected to register a 55% growth rate compared to productivity rates of 33% in 2009 and 47% last year.