Mineral exports surge 14pc to US$3,4 billion in 2025

Zimbabwe earned US$3,4 billion from the export of 4,8 million tonnes of minerals, beating the targets in both value and volume terms, according to the Minerals Marketing Authority of Zimbabwe (MMCZ).

MMCZ is responsible for marketing all minerals in Zimbabwe, except gold and silver, which fall under Fidelity Gold Refinery.

During the same period last year, Zimbabwe earned US$3,2 billion after shipping 4,756 million tonnes of minerals, highlighting firm global demand, improved efficiencies and the key role of mining in the economy.

Mining remains Zimbabwe’s largest foreign currency earner, a critical employer and driver of economic and industrial development.

Key minerals include platinum group metals (PGMs), lithium, chrome and ferro-alloys anchoring the country’s export basket and supporting downstream value addition initiatives.

MMCZ general manager Dr Nomusa Jane Moyo said this strong performance reflects improved market conditions, enhanced operational efficiencies and the benefits of strategic systems upgrades.

“Cumulative mineral sales for FY2025 reached 4,890,720,05 metric tonnes, valued at US$3,4 billion, surpassing the budgeted 4,756,352,64 metric tonnes valued at US$3,2 billion.”

“This represents positive variances of three percent in volume and six percent in value. Compared to FY2024, when 3,032,681,24 metric tonnes valued at US$2,9 billion were exported, FY2025 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 PGMs, driven by supply constraints and growing demand from hydrogen energy, jewellery and industrial applications.”

“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, PGMs 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 metric tonnes sold at a value of US$306 million. Compared to FY2024, volumes declined by 52 percent and value by 44 percent, following exports of 153,957 metric 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 PGM 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.

“PGM matte sales recorded a 71 percent surge in value, reaching US$1,5 billion from 37,194 metric tonnes exported. In FY2024, 36,348 metric 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 1,522,893,93 metric tonnes, generating US$571,6 million, outperforming volume and revenue targets by 33 percent and 10 percent, respectively.

“Pollucite sales declined sharply in volume to 2,311 metric tonnes, a 79 percent decrease against an 11,000 metric 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 metric tonnes, valued at US$372 million.”

“This reflects a 19 percent increase in volume and an 11 percent increase in value compared to FY2024, when 364,902 metric tonnes were sold at US$334 million. High carbon ferrochrome was the leading contributor, accounting for 427,444 metric 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 metric tonnes of chrome concentrates, generating US$150 million.

“Export volumes increased marginally by less than one 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 metric tonnes sold during the year.

“This represents a 450 percent increase in value compared to FY2024, when 80,476 metric tonnes were sold at US$16,7 million.”