ZIMBABWE earned US$3,4 billion from the export of 4,8 million tonnes of minerals outside gold and silver last year, beating both value and volume targets, according to the Minerals Marketing Authority of Zimbabwe.
In 2024, Zimbabwe earned US$3,2 billion after shipping out 4,756 million tonnes of minerals, highlighting firm global demand, improved efficiencies and the key role of mining in the economy.
MMCZ is responsible for marketing all minerals in Zimbabwe, except gold and silver, which fall under the purview of the Reserve Bank of Zimbabwe’s Fidelity Gold Refinery.
Gold exports constituted just under 50 percent of Zimbabwe’s total exports in 2025.
Mining remains the country’s largest foreign currency earner, critical employer and driver of economic and industrial development.
The sector accounts for approximately 60 to over 80 percent of the nation’s total export earnings.
Key minerals, apart from gold, include the platinum group metals, lithium, chrome and ferro-alloys, which anchor the country’s export basket and support downstream value addition initiatives.
MMCZ general manager Dr Nomusa Jane Moyo said this strong export performance reflected improved market conditions, enhanced operational efficiencies and the benefits of strategic systems upgrades. “Cumulative mineral sales for financial year 2025 reached 4,890 million tonnes, valued at US$3,4 billion, surpassing the budgeted 4,756 million tonnes valued at US$3,2 billion.”
“This represents positive variances of 3 percent in volume and 6 percent in value. Compared to 2024, when 3,033 million tonnes valued at US$2,9 billion were exported, the 2025 performance reflects a surge of 61 percent and 14 percent in volume and value terms respectively,” said Dr Moyo.
“Value growth, however, was partially constrained by lower rough diamond sales volumes, depressed diamond prices and heightened competition in the coke market, which necessitated strategic price adjustments to maintain market share.”
MMCZ has set an ambitious revenue target for the coming year, banking on resilient demand for strategic minerals. “MMCZ projects a US$3,5 billion revenue target for 2026, underpinned by a positive outlook for platinum group metals, driven by supply constraints and growing demand from hydrogen energy, jewellery and industrial applications.”
Once gold is included, the resilience in Zimbabwe’s foreign currency generation capacity, driven by gold and platinum, saw a notable increase of 21,8 percent to US$16,2 billion recorded in 2025 from US$ 13,3 billion in 2024, according to the Reserve Bank of Zimbabwe.
Export earnings dominated the basket of foreign currency receipts, averaging 59,7 percent of total foreign currency receipts in 2025, followed by loan proceeds at 14,8 percent and diaspora remittances at 13,5 percent.
The growth in exports, and ultimately foreign currency inflows, is key to sustaining the durable stability of Zimbabwe’s gold and foreign currency-backed domestic currency, ZiG and keeping inflation low.
“The diamond market is expected to remain mixed, with robust demand for large, high-quality stones offset by continued pressure on smaller goods.
“Coal, coke and metallurgical coal markets are projected to remain firm through 2027, supported by infrastructure development and sustained global steel production. The lithium market is expected to rebalance in 2026, with prices projected to recover, driven by growing demand from energy storage systems and electric vehicles,” said Dr Moyo.
The performance reinforces mining’s strategic importance to Zimbabwe’s Vision 2030 agenda, as the sector continues to anchor export earnings, lead investment inflows and support industrialisation through value addition and beneficiation.
In the period under review, platinum group metals remained a dominant revenue pillar, reflecting Zimbabwe’s status as one of the world’s leading producers.
“Platinum group metals concentrate sales exceeded targets, with 73 506 tonnes sold at a value of US$306 million. Compared to 2024, volumes declined by 52 percent and value by 44 percent, following exports of 153 957 tonnes valued at US$549 million in the prior year.
“The contraction in both volume and value is attributable to a shift towards downstream beneficiation of platinum group metals concentrates into matte through toll-processing arrangements between PGM producers, resulting in reduced direct concentrate exports,” Dr Moyo said.
The shift towards local and regional beneficiation significantly boosted matte exports.
“Platinum group metals matte sales recorded a 71 percent surge in value, reaching US$1,5 billion from 37 194 tonnes exported. In FY2024, 36 348 tonnes were sold at US$914 million,” she said.
Firm global prices and significant gains in platinum, palladium and rhodium supported the strong performance.
Lithium continued to anchor Zimbabwe’s emergence as a key player in the global battery minerals market.
“Lithium and pollucite as at December 31, 2025, lithium sales reached 1,522 million tonnes, generating US$571,6 million, outperforming volume and revenue targets by 33 percent and 10 percent, respectively,” said Dr Moyo.
“Pollucite sales declined sharply in volume to 2 311 tonnes, a 79 percent decrease against an 11 000 tonne benchmark.
“Despite lower volumes, revenue of US$6,18 million exceeded projections by 55 percent. Ferro-alloys (including HCFC) combined ferro-alloy sales — (high carbon ferrochrome, medium carbon ferrochrome and ferro-silicon chrome) — totalled 433,293 tonnes, valued at US$372 million.”
“This reflects a 19 percent increase in volume and an 11 percent increase in value compared to 2024, when 364 902 tonnes were sold at US$334 million.
“High carbon ferrochrome was the leading contributor, accounting for 427 444 tonnes valued at US$365 million.”
Chrome concentrates remained significant, though prices weighed on earnings.
Dr Moyo indicated that in the year under review, MMCZ sold 886 752 tonnes of chrome concentrates, generating US$150 million.
“Export volumes increased marginally by less than 1 percent year-on-year; however, revenue declined by 12 percent due to lower average market prices.”
Steel exports also recorded exceptional growth.
“Steel sales reached US$92,1 million from 146 314 tonnes sold during the year.
“This represents a 450 percent increase in value compared to 2024, when 80 476 tonnes were sold at US$16,7 million.”-herald
