Zimbabwe misses H1 mineral revenue volume projections

Zimbabwe has missed first half (H1) minerals revenue and volume projections at the background of softening international commodity prices.

 

The Minerals Marketing Corporation of Zimbabwe (MMCZ) sold 1.9 million metric tonnes (mt) valued at US$1.5 billion in H1 2024, missing targets.

 

• Targets: 2 million mt and US$2.030 billion.

 

• Missed targets by 6% in volume and 26% in revenue due to global mineral price declines.

• H1 2023 sales: 1,531,149 mt valued at US$1.689 billion.

 

• H1 2024 vs. H1 2023: 25% increase in volume, 11% decrease in value.

 

• Significant price declines: Lithium (-72%), nickel (-20%), coal (-13%), coke (-39%).

 

• Price increases: Platinum (+6%), rhodium (+6%), copper (+16%), fluorite (+2%), chrome concentrates (+4%).

 

• Top contributors: PGMs matte (31.8% of revenue), PGMs concentrate, spodumene.

 

• PGMs matte: 18,844 mt valued at US$479 million.

 

• PGMs concentrate: 85,407 mt valued at US$294 million.

 

• Concentrate sales: 30% volume increase, 2% value increase.
• Matte sales: 7% volume increase, 5% value decrease.

 

• Spodumene sales: US$233,017 from 331,826 mt, exceeding target (US$105,000 from 275,000 mt) by 21% in volume and 122% in value.

 

• Weak PGM prices impacting overall sales value; optimism in rising gold prices.