Harare - Latest reports from the Minerals Marketing Corporation of Zimbabwe (MMCZ) show that ferrochrome and platinum are now dominating Zimbabwe's resource export receipts.

MMCZ which is the country’s key selling agent of all minerals with the exception of gold said platinum and ferrochrome are dominating resource export receipts at more than $700 million.

Since January it is reported that $3 billion has been invested in chrome and platinum mining sectors and created at least 500 jobs. MMCZ said the removal of Zimasco, the largest chrome producer from judicial management, coupled with new entrants in the industry and input from three platinum mining firms, Zimplats, Unki and Mimosa has had a positive effect on job creation.

In an interview with the State broadcaster, ZBC News MMCZ Acting General Manager Dr Nomsa Moyo said mineral export receipts are thus expected to spur economic growth.

“It is our expectation that the growth will continue and we anticipate further growth of the resource sector contribution to overall economic growth,” she said.

The opening of a new platinum mine Karo Resources, in Mhondoro Ngezi in the next few weeks is expected to increase employment creation.

In March this year the Cyprus-based firm signed a $4.2 billion deal with the Government of Zimbabwe to develop a platinum and refinery in Zimbabwe.

At the signing ceremony with Karo Resources, Mines Minister Winston Chitando said work would start in July, with the first output of platinum group metals expected in 2020, aiming to reach 1.4 million ounces annually within three years.

Analysts questioned where all the funding would come from and noted the project start date of July looked very ambitious.

Located in the Mhondoro-Ngezi platinum belt, west of Harare, where Impala Platinum Holdings has operations, the project will include a coal mine and power station to produce electricity for the smelter, and should employ 15,000 people when fully implemented.

- Equity Axis News