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Mineral sales drive export earnings – ZIA

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.

Source – Zimbabwe Situation