President Emmerson Mnangagwa has expressed optimism in the recovery of the economy saying a surge in prices of precious metals like gold is good news for Zimbabwe.
The Southern African country produces some of these precious metals which mean the Government can leverage their firming international prices to minimise economic shocks. He said:
As I write, prices of key minerals which Zimbabwe has and offers to the world, are firming up on the world market. Gold is creeping towards US$2000 an ounce; palladium which is part of our PGMs is well above US$ 3000; the price of platinum is firming daily, pointing to bright prospects.
Lithium, already enjoying a pride of place because of the seismic shift to green economies, can only bring rich rewards to our economy.
Diamonds are holding their own, in fact rising. My recent meeting with representatives of the World Diamond Council in Brussels showed a great appetite for our parcel.
Soon our Zimbabwe Consolidated Diamond Company will be in the market with several parcels.
All these good auguries in the mining sector make our USD$12 billion target realistic and achievable by 2023 if not much earlier.
He speaks as fuel prices which went up recently due to a conflict between Russia and Ukraine had prompted analysts to predict that the Zimbabwean economy will slow down and probably recede.
Recent studies established that mineral exports account for about 60 per cent of Zimbabwe’s export earnings and the mining sector contributes around 16 per cent of national GDP.
More: The Sunday Mail