Zim’s Mineral Exports Near US$1bn as Ban on Raw Exports Boosts Revenue

By Kudzaishe Chimonera

Zimbabwe’s mineral exports generated nearly US$1 billion in the first quarter of 2026 as a government ban on the export of unprocessed minerals began reshaping the country’s mining sector and boosting earnings from value-added products.

The Minerals Marketing Corporation of Zimbabwe (MMCZ) said total mineral sales for the period reached 1.29 million metric tonnes worth US$983.85 million representing a 27% increase in volumes and a 79% jump in value compared to the same period last year.

The performance follows the government’s decision on 25 February 2026 to prohibit exports of unbeneficiated minerals, a move aimed at encouraging domestic processing and increasing export earnings.

MMCZ described the first quarter as a turning point in Zimbabwe’s mineral governance, saying the policy shift had already delivered measurable results.

“The first quarter of 2026 marked a defining moment in Zimbabwe’s mineral governance,” MMCZ said adding that the export ban had created an immediate impact on mineral sales and beneficiation.

The strong first-quarter performance has placed the corporation on track to meet and possibly exceed its annual revenue target of US$3.5 billion.

According to MMCZ, improved global mineral prices supported earnings across most commodities, although rough diamonds continued to face pressure from weakening international demand.

Platinum Group Metals (PGMs) emerged as one of the biggest contributors to export earnings, generating US$543.97 million through concentrate and matte exports.

PGM concentrate sales nearly doubled to 30 178 metric tonnes, with export value surging 319% to US$191.73 million, while PGM matte exports earned US$352.24 million, despite lower volumes.

MMCZ said stronger global prices had supported the sector, driven by demand from the automotive, industrial and clean energy industries.

Lithium, one of Zimbabwe’s fastest-growing mineral exports, recorded the strongest overall growth during the quarter.

Sales rose to 240 826 metric tonnes worth US$178.64 million representing a 106% increase in value compared to the same period in 2025.

MMCZ General Manager Nomusa Jane Moyo said Zimbabwe’s decision to ban lithium concentrate exports had strengthened the country’s role in the global battery supply chain.

“Government’s ban on lithium concentrates exports, while producing short-term disruption to global spot supplies, has solidified Zimbabwe’s strategic influence over the global battery supply chain through domestic processing,” Moyo said.

She added that Zimbabwe now supplies around 15% of spodumene imported into China, positioning the country as a critical player in battery manufacturing.

“The shift to processed products is projected to drive lithium export revenues beyond US$1 billion significantly amplifying the sector’s contribution to national GDP,” she said.

Steel production also recorded major growth, with exports reaching 190,612 metric tonnes valued at US$68.22 million, a 254% increase in value from the same quarter last year.

MMCZ attributed the surge to increased production of value-added steel products and stronger regional demand.

“This exceptional growth is directly attributable to increased production of value-added steel products and strong regional market demand, a compelling demonstration of what beneficiation delivers in practice,” the corporation said.

Coal and coke exports also posted strong gains, rising 30% in volume to 491 318 metric tonnes, supported largely by demand from neighbouring South Africa.

Despite broader growth in mineral exports, Zimbabwe’s diamond industry recorded a weaker performance.

Diamond sales fell to 784 764 carats valued at US$21.55 million, reflecting declines in both volume and revenue.

MMCZ said the downturn had been driven by production difficulties and falling global demand for natural diamonds amid growing competition from lab-grown alternatives.

Looking ahead, MMCZ warned that geopolitical tensions particularly the ongoing conflict between the United States and Iran could influence mineral markets.

The corporation said disruptions around the Strait of Hormuz, a major oil transit route, had already pushed up energy costs, affecting the production costs of energy-intensive minerals.

“Since hostilities escalated, prices for select critical minerals have risen by more than 125%, while base metal prices have increased between 30% and 130%,” MMCZ said, pointing to rising aerospace and defence demand as a major driver.

Despite global uncertainty, the country’s mining sector appears poised for stronger earnings with government betting that beneficiation policies will continue to increase export value and reduce dependence on raw mineral exports.