Mining Industry Confidence Plunges To A 2 Year Low As The Economic Meltdown Bites

The Mining Business Confidence Index had plunged to 2.2% in 2019, down from 8% in 2018 and 21.9% in 2017. This has been mainly due to power cuts, forex shortages and policy uncertainties Sunday Mail reports.

However, according to UZ’s Prof Makochekamwa, who presented the findings of the survey, the survey forecasted that mining executives were confident about 2020. Said the Professor:

Survey findings show that mining executives are slightly more confident about investment plans for 2020, with 60 percent of the respondents indicating that they are planning to inject fresh capital into their businesses in 2020.

Zimbabwe is currently going through an economic crisis that has seen inflation soaring to 300% by the end of August. The mining sector in a normal functional system contributes 65% of all export receipts.

More: The Sunday Mail