Acting General Manager Minerals Marketing Corporation of Zimbabwe Dr. Nomusa Moyo
By Donald Chakamanga
The Minerals Marketing Corporation of Zimbabwe (MMCZ) has reported a mixed performance for the first half of 2024, missing its revenue and volume targets due to declining global commodity prices.
According to the Corporation’s Acting General Manager, Dr. Nomusa Moyo, MMCZ sold a total of 1.9 million metric tonnes (mt) of minerals valued at US$1.5 billion, falling short of its projected 2 million mt and US$2.030 billion. The declines in global minerals led to a 6% volume miss and a 26% revenue shortfall.
Despite a 25% year-on-year increase in sales volumes, the Corporation’ experienced an 11% slump in value terms. The decline was attributed to depressed prices for key minerals such as lithium, nickel, coal, and coke.
Dr Moyo highlighted that depressed mineral commodity prices for some of Zimbabwe’s top revenue contributors significantly impacted performance in the first half of 2024.
“Lithium was down 72%, nickel 20%, coal 13%, and coke 39%, translating to significant price declines compared to budget forecasts. However, year-over-year price increases were observed for platinum as it firmed 6%, rhodium 6%, copper 16%, fluorite 2% and chrome concentrates 4%, these were not enough to offset the negative impact on overall revenue,” she said.
However, Platinum Group Metals (PGMs) matte, PGMs concentrate, and spodumene (lithium) remained the top three contributors to the corporation’s revenue. Spodumene sales significantly outperformed expectations, with a total value of US$233,017 from 331,826Mt sold, surpassing budgeted targets.
Dr Moyo expressed optimism over firming gold prices, which have been offsetting depressed trends in the PGMs group. The corporation is exploring strategies to mitigate the impact of global price volatility and optimize its performance.
