Friday, 22nd December 2006 (4416 views)

Zimbabwe is set to benefit from surging gold prices over the next year, helping to bring economic prosperity to the Southern African country.

Official figures show that during the first ten months of this year Zimbabwe saw its mineral sales rise six times higher than last year, totalling $591 million (£300 million).

This comes despite an expected fall in output, from 797,297 in the first ten months of last year to 749,096 in the first ten months of this year.

The growth in value of the minerals sold in Zimbabwe is helping to offset this decline. Indeed gold prices have risen to over $600 (£305) per ounce in Zimbabwe.

It is reported that the Zimbabwe mining industry now outshines the agricultural industry in terms of export earnings.

And Zimbabwe's Finance Ministry has recently said that it expects the country's mining sector to grow by some 4.6 percent next year, further boosting its earning potential.

Analysts say the Zimbabwean government should use the massive earnings it is registering from the mining of gold and other minerals at present to fund a production revival in the country and guarantee sustainable future.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.