Online Reporter
Sikhulekelani Moyo, [email protected]
Zimbabwe’s mining industry is projected to grow by an average of 10 percent in 2026, with mineral exports expected to rise to US$11 billion from US$8,5 billion last year, driven by increased production and firm global commodity prices.
Speaking during the official opening of the 29th Mine Entra Conference and Exhibition in Bulawayo on Friday, Chamber of Mines of Zimbabwe president Mr Fungai Makoni said the sector continues to underpin the country’s industrialisation and economic transformation agenda.
“The mining industry is expected to grow by an average of 10 percent. Mineral exports are projected to reach US$11 billion in 2026, up from US$8,5 billion in 2025, on the back of anticipated strong output performance and favourable prices,” said Mr Makoni.
“The resurgence in mineral prices in the past three years has provided a strong platform for mining companies to thrive.”
He said a number of mining companies have embarked on expansion projects, while several new operations have also been commissioned.
Mr Makoni said all major mineral subsectors are expected to register production growth this year, with gold output projected to increase by 12 percent, platinum group metals (PGMs) by nine percent, coal by 21 percent, diamonds by 29 percent, chrome by 64 percent and lithium by 112 percent.
He said the mining sector generated US$8,5 billion in export earnings in 2025, accounting for 81 percent of Zimbabwe’s total exports. The industry also contributed 17,4 percent to the country’s Gross Domestic Product and around 20 percent of Government revenue through taxes and levies.
In addition, mining companies contributed an average of 10 percent of their revenues towards community development through corporate social investment programmes and local enterprise development.
Mr Makoni said the industry fully supports Government’s beneficiation drive and highlighted progress in the platinum and lithium subsectors.
“The PGMs industry has invested in smelting capacity, and now it has adequate capacity for all concentrates to be smelted in the country,” he said.
“With regards to lithium, most key projects are at various stages of complying with the agreement. In particular, one major producer, Prospect Lithium, is already exporting lithium sulphate.”
He said the sector would require more than US$10 billion over the next five years to fund new and expansion projects, a development that could potentially double mineral export earnings.
Mr Makoni also welcomed Government’s decision to streamline mining fees and introduce a new economic empowerment framework to replace the current indigenisation framework.
“We are working closely with the Ministry of Industry and the Ministry of Mines to ensure that the industry fully adopts the progressive policy,” he said.
On electricity supply, Mr Makoni said mining companies had enjoyed relatively stable power over the past six months due to priority allocation, although demand is expected to rise significantly.
“Power demand is expected to surge to 1 500MW in the next 12 months from the current average of 1 000MW due to expansion and beneficiation projects,” he said.
“The cost of power continues to be high in comparison with the region, and we continue to engage with the power industry to find a solution to this issue.”
He said some mining companies were investing in captive solar and thermal power plants to improve energy security.
Mr Makoni also commended the Reserve Bank of Zimbabwe and Government for maintaining foreign currency stability, while noting that some mining companies were still awaiting settlement of long-outstanding export proceeds.
derick.khumalo