Online Reporter
Business Reporter
Zimbabwe generated about US$3,1 billion from gold exports during the first six months of 2026, nearly a 70 percent increase compared to about US$1,8 billion over the same period last year, to take the tally of first-half earnings from mining to US$5,632 billion, official figures released by the Reserve Bank of Zimbabwe show.
Combined export earnings from minerals marketed by the Mineral Marketing Corporation of Zimbabwe (MMCZ) recorded an 84 percent surge, generating a record $2.532 billion in the first half of 2026 against US$1.376 billion during the same period last year.
Gold is Zimbabwe’s single largest export while mining in general accounts for more than 75 percent of Zimbabwe’s export earnings.
A strong surge in mining export earnings and foreign currency inflows in general is critical for the durable stability of Zimbabwe’s gold, foreign currency and precious metals backed ZiG.
Monthly foreign currency receipts from gold exports maintained a strong upward path throughout the half-year period.
January gold export revenues stood at US$498,3 million, compared to US$296,8 million recorded in January 2025.
In February, earnings reached about US$549 million, up from US$219,9 million in the previous year.
The month of March generated US$406,1 million from US$244,2 million in March 2025. April inflows totalled about US$528 million, rising from US$307,1 million recorded in April last year.
Data shows that May earnings rose to about US$503,3 million, compared to US$373,3 million in May 2025. The month of June capped the half-year performance as monthly gold export earnings peaked at US$597,1 million from US$394,2 million during the same period last year.
The substantial increase in export revenue was anchored by rising production volumes and favourable international bullion market conditions.
Total gold deliveries to State -owned and sole authorised gold buyer Fidelity Gold Refinery reached 21,39 tonnes between January and June 2026.
Artisanal and small-scale miners continued to drive overall output, contributing over 70 percent of total gold deliveries to the national refinery during the first half of the year.
These significant inflows from gold exports have allowed the monetary authorities to steadily accumulate foreign exchange reserves, reinforcing price and exchange rate stability for the local Zimbabwe Gold currency.
MMCZ general manager, Dr Nomsa Moyo, attributed the sharp revenue increase to rising global market demand, favourable commodity pricing and the practical implementation of Zimbabwe’s domestic mineral processing policy.
MMCZ is the State-owned exclusive marketer of all minerals, except for gold and silver, which fall under the purview of the central banks.
“The US$2,5 billion recorded demonstrates the impact of the beneficiation and value addition policy,” said Dr Moyo.
“Based on the market trends and performance of our key mineral commodities, we are confident of surpassing our projected annual revenue this year.”
Three primary export commodities dominated performance, collectively generating more than 74 percent of the total revenue.
Platinum Group Metals remained MMCZ’s primary revenue stream, contributing 33,93 percent of overall export value.
Spodumene concentrates accounted for 26,57 percent of total earnings while PGM concentrates contributed 13,73 percent to total sales.
The performance underscores Zimbabwe’s positioning as a strategic international supplier of platinum group metals and battery raw materials tied to the global transition towards renewable energy and electric vehicles.
Another notable highlight of the first half performance was the growing footprint of lithium sulphate.
In April this year, Zimbabwe officially entered the midstream market by dispatching Africa’s first-ever export consignment of lithium sulphate from the newly commissioned US$400 million Prospect Lithium facility in Goromonzi.
According to data from the Zimbabwe Lithium Association, the output of high-value lithium sulphate is projected to climb steadily from 130 000 tonnes in 2026 to 169 000 tonnes in 2027, before surging to 264 000 tonnes in 2028, 312 000 tonnes in 2029 and reaching a peak of 344 000 tonnes by 2030.
The processing surge comes as primary extraction figures adapt to Government mandate changes, with raw spodumene ore production expected to drop from 963,049.58 tonnes in 2026 to 467,000 tonnes in 2027.
Similarly, early-stage spodumene concentrate output is forecast to decrease from 1,22 million tonnes in 2026 to 636,090 tonnes in 2027 as operations prioritise internal chemical processing over raw exports.
Unlike unrefined ore, lithium sulphate undergoes extensive in-country processing before shipment, enabling the country to retain greater value within the battery material supply chain.
Zimbabwe’s export earnings remain heavily concentrated in minerals – mostly semi-processed – prompting growing calls for the country to diversify its export base and build economic resilience against global commodity price slumps.
