Zimbabwe Targets $12 Billion From Mineral Exports in Five Years

(Bloomberg) -- Zimbabwe expects to earn $12 billion a year from mineral exports by 2023, Mines Minister Winston Chitando said.

Mineral production is expected to be boosted by increased output at Anglo American Platinum Ltd.’s Unki Mine and Impala Platinum Holdings Ltd.’s Mimosa project, which have submitted expansion plans to the government, Chitando told lawmakers Monday in the capital, Harare.

Diamond production is expected to reach 12 million carats a year by 2023, he said.

Zimbabwe earned $2.47 billion from exports of minerals in the first half of 2018, according to central bank data. Platinum shipments generated $566.9 million and industrial diamonds exports raised $40.1 million, the bank said last month.

©2018 Bloomberg L.P.