MMCZ Reports Significant Financial Growth and Progress in 2023

The Minerals Marketing Corporation of Zimbabwe (MMCZ) held its 5th Annual General Meeting (AGM) on November 21, 2024, where it reported a significant financial growth and progress in its operations for the year 2023. Despite a challenging economic climate, MMCZ achieved a substantial financial growth, with a profit increase of 280% to RTGS$178.514 billion. The Corporation's sales volume also increased by 40.8% to 3,492,367.32Mt, valued at US$3.16 billion. MMCZ Declares Dividend The Corporation declared a total dividend of ZwG 18,523,981,039 for 2023, which will be paid in 2024. This marks the fifth consecutive year that MMCZ has declared and paid a dividend to its shareholder. Strategic Initiatives and Achievements MMCZ made significant progress in its strategic initiatives, including: - Research and Development: The Corporation collaborated with the National University of Science and Technology to characterize lithium-bearing mines in Zimbabwe. - Export Market Development: MMCZ created five new markets for different mineral products, including polished diamonds and granite slabs, lithium, feldspar, coke, and aluminium ingots. - Curbing Mineral Leakages: The Corporation implemented measures to mitigate mineral leakages, including investing in equipment for local government laboratories. - Value Addition and Beneficiation: MMCZ procured equipment for the establishment of a gemstone cutting and polishing training centre at the Zimbabwe School of Mines. Outlook for the Future MMCZ plans to enhance its research and development, upscale efforts to account for mineral resources, and pursue the development of new markets in uncharted territories. The Corporation's progress and achievements demonstrate its commitment to accounting for Zimbabwe’s mineral wealth, promoting the country's mining sector and contributing to its economic growth.