Mining sector downbeat

A GLOOMY investment environment, inadequate foreign exchange, and infrastructure bottlenecks have been noted as key variables weighing down confidence in the mining sector.
This also comes as anxiety is mounting over the threat of softening mineral prices hurting the sector, as well as Zimbabwe’s economic progress, with analysts warning that the escalating tensions in the Middle East could worsen the situation.
According to the just released Chamber of Mines of Zimbabwe Mining Business Confidence Index, contained in the Mining Industry Prospects for 2024 and State of the Mining Industry Survey Report, mining executives are generally pessimistic about their business prospects in 2024.
Last year, the index was at 9,4 percent, an indication of positive expectations in 2023. This year’s report shows the index falling to -0,3 percent.
“Mining executives are expecting commodity market conditions to remain generally subdued as was the case in 2023. They expect mineral prices to further soften in 2024,” the report said.