Zimbabwe’s mineral sector grows in volume

ZIMBABWE’S mineral export volume surged by 13 percent in the first four months of 2025 compared to the same period last year, the Minerals Marketing Corporation of Zimbabwe (MMCZ) announced, attributing the significant increase to strong performances across key mineral commodities.

Of particular note was the commencement of steel exports, following the commissioning of the Manhize plant — signalling Zimbabwe’s re-entry into the regional iron and steel markets.

Despite the increase in sales volume, the MMCZ — the Government-owned marketing agency for all minerals except gold and silver — reported a 27 percent decline in export value, largely due to a sharp drop in Platinum Group Metals (PGMs).

During the first four months of the year, the MMCZ reported sales of approximately 1,5 million tonnes of minerals, valued at US$779,7 million. This compares to April 2024, when the corporation sold 1,3 million tonnes worth US$1 billion.

The MMCZ noted that the beneficiation tax has had a significant impact on major PGM producers, with Mimosa Mining Company — a key player — unable to sell any concentrate since February.

Platinum prices reached a two-year high last Friday, climbing to US$1 097,54 per ounce, a level not seen since May 2023. This surge is attributed to tightening markets, driven by falling supply and increased investment demand.

The top five revenue-generating minerals included PGMs matte, with 7 027,74 ounces sold bringing in US$300 million, followed by spodumene, which generated US$132,5 million from 349 934 tonnes. High carbon ferrochrome contributed US$98 million from 127 983 tonnes while coke sales of 354 176 tonnes earned US$68 million. Finally, diamonds added US$53 million to the revenue, with 1 906 280.57 carats sold.

The country also exported 86 552 tonnes of steel products. While these figures represent cumulative sales for the period, Disco only recently began its steel shipments, meaning the numbers do not necessarily reflect exports from January.

Although initial shipments have commenced with South Africa, contracts have already been secured with firms in the Democratic Republic of Congo (DRC), Zambia and Mozambique. Exports to these regional markets are expected to begin shortly, further cementing Zimbabwe’s re-emergence as a key steel supplier in southern Africa.

The MMCZ’s export figures do not include gold, which falls under the jurisdiction of Fidelity Gold Refineries, a subsidiary of the Reserve Bank of Zimbabwe (RBZ).

Zimbabwe’s gold deliveries for April 2025 surged to approximately 3,9 tonnes — a substantial 62,5 percent increase from the 2,4 tonnes recorded in the same month last year. This growth was primarily driven by a more than twofold increase in deliveries from small-scale producers, according to Fidelity Gold Refineries, the Government’s sole gold-buying agency.-herald