Nickel exports reach US$1,38bln

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NICKEL was Zimbabwe’s largest foreign currency earner during the 11 months to November 2020, as its exports grew by US$282 million to US$1,38 billion, official data shows.
Figures released by the Zimbabwe National Statistics Agency last week showed that combined exports of nickel ores, concentrates and mattes surpassed major contributors — platinum and gold, which grossed US$1,2 billion and US$1 billion, respectively. It comes as deliveries of gold have lately taken a dip due to smuggling, while nickel prices have been advancing amid increased global demand.

Mining, which earned a total of US$2,5 billion, was the major contributor during the period, while tobacco accounted for US$639,7 million of the country’s US$3,9 billion exports.
Nickel prices increased from an average of US$13 000 to US$17 000 per tonne in 2020, despite disruptions caused by the Covid-19 pandemic.