Miners struggle as commodity slump bites

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ZIMBABWE’S export-reliant mining sector faces mounting pressure as global commodity prices continue to decline.
This trend raises concerns for the country’s economy, which depends heavily on the mining industry for foreign currency earnings.
In a recent interview with The Financial Gazette, Mines minister, Zhemu Soda, acknowledged the severity of the situation, stating, “The mining industry has been affected very much.” Zimbabwe, like many resource-rich nations, has little influence over volatile international markets.
While Minister Soda praised the industry’s resilience, the impact of softening prices is becoming evident.
Zimplats, a major mining company, reported a 32 percent revenue decline in the half-year ended December 31, 2023, directly attributed to lower metal prices.
Economic analysts warn of broader consequences.