Online Reporter
Oliver Kazunga,
Senior Reporter
ZIMBABWE is on the brink of a major mineral export boom, with export earnings projected to surge to at least US$21 billion within the next two years as Government intensifies the drive for value addition and beneficiation.
The country recorded more than US$16 billion in foreign currency receipts last year — the highest since Independence — a sharp rise from the US$5,5 billion realised in 2017 before the advent of the Second Republic.
And the mining sector, which accounts for about 70 percent of national export earnings, remains the backbone of this growth, with authorities now shifting focus from raw mineral exports to in-country processing to unlock higher value and boost foreign currency inflows.
In 2025, Zimbabwe earned about US$3,4 billion from mineral exports excluding gold and silver, representing a 14 percent increase from the previous year.
Gold exports generated about US$4,8 billion, while lithium contributed US$571,6 million.
The Government is now pushing for beneficiation across strategic minerals, including lithium, platinum and diamonds, in a move expected to increase export earnings, create jobs, reduce exposure to volatile commodity prices and accelerate industrialisation.
In line with this thrust, Government in February suspended the export of lithium concentrates and other unprocessed minerals, a move designed to enhance accountability, promote beneficiation and improve value retention across the mining value chain.
Following the export ban, the Government introduced a quota system for lithium producers under strict conditions designed to safeguard resources while allowing continued operations during the transition to full beneficiation.
Authorities have indicated that the export of lithium concentrates will be phased out entirely by January 2027, by which time all producers are expected to have established processing facilities.
Mines and Mining Development Deputy Minister Engineer Fred Moyo said the transition towards full beneficiation was gathering momentum, with mining companies at varying stages of implementation.
“Progress has been incremental, as different players are following their own investment and execution pipelines. We expect significant developments within the next 12 to 24 months,” he said.
Eng Moyo noted that while actual earnings would depend on global commodity prices, the beneficiation strategy was set to deliver substantial gains.
“As a rule of thumb, revenues could increase threefold, although costs will also rise. Overall, the benefits are significant.
“Current mining exports are between US$7 billion and US$10 billion, so trebling this represents a huge quantum leap,” he said.
Meanwhile, one of Zimbabwe’s lithium mines, Prospect Lithium Zimbabwe (PLZ), recently began exporting its first lithium sulphate batch from its US$400 million processing plant.
The development marked the country’s inaugural production of lithium salt and a major step in advancing Government policy on local beneficiation.
The milestone comes as the Second Republic intensifies efforts to ensure Zimbabwe derives maximum value from its mineral resources by shifting from raw exports to in-country processing.
PLZ, which operates the Arcadia Lithium Mine in Goromonzi, Mashonaland East Province, is wholly owned by Zhejiang Huayou Cobalt, a major Chinese mining company.
The firm’s processing facility is designed to produce 80 000 tonnes of lithium sulphate annually.
Lithium sulphate is an inorganic salt primarily used in producing lithium-ion batteries for electric vehicles and energy storage systems as well as manufacturing specialised glass and ceramics and treating bipolar disorder.
It acts as a precursor for lithium hydroxide, enhances the performance of batteries, and acts as a flux to lower melting temperatures in glass production.
Under National Development Strategy 2 (NDS 2), the Government is prioritising the transition from the production of lithium sulphate to carbonate and lithium hydroxide, which are critical inputs in battery manufacturing.
The growth of the lithium industry under NDS2 contributed to broader expansion within the mining industry.
This was largely driven by investment inflows that supported the opening of new mines, the resuscitation of closed operations and the expansion of existing ones across the country.
