Trymore Tagwirei

Zimbabwe earned US$3,4 billion from mineral exports, excluding gold and silver, in 2025, representing a 14 percent increase in value alongside a significant rise in export volumes, official data show.

According to the Minerals Marketing Corporation of Zimbabwe (MMCZ), the country exported 4,8 million tonnes of minerals during the year, exceeding both volume and revenue targets.

In 2024, mineral exports stood at US$3,2 billion from 4,756 million tonnes. The improved 2025 performance reflects stronger global demand, operational efficiencies and the continued centrality of mining to Zimbabwe’s economy.

MMCZ, which markets all minerals except gold and silver handled by the Reserve Bank of Zimbabwe’s Fidelity Gold Refinery, says mining remains the country’s largest source of foreign currency, a major employer and a key driver of industrial development. The sector contributes between 60 percent and over 80 percent of total export earnings.

MMCZ general manager Dr Nomusa Jane Moyo said cumulative mineral sales for the 2025 financial year reached 4,890 million tonnes valued at US$3,4 billion, surpassing the budgeted 4,756 million tonnes worth US$3,2 billion.

“This represents positive variances of three percent in volume and six percent in value,” Dr Moyo said.

“Compared to 2024, when 3,033 million tonnes valued at US$2,9 billion were exported, the 2025 outcome reflects increases of 61 percent in volume and 14 percent in value.”

She noted that value growth was partly constrained by lower rough diamond sales volumes, subdued diamond prices and intense competition in the coke market, which necessitated price adjustments to maintain market share.

Looking ahead, MMCZ has set a mineral export revenue target of US$3,5 billion for 2026, supported by a positive outlook for platinum group metals (PGMs) amid supply constraints and rising demand from hydrogen energy technologies, jewellery and industrial applications.

Including gold, Zimbabwe’s total foreign currency earnings rose 21,8 percent to US$16,2 billion in 2025, up from US$13,3 billion in 2024, according to the Reserve Bank of Zimbabwe.

Export earnings accounted for 59,7 percent of total foreign currency receipts, followed by loan proceeds at 14,8 percent and diaspora remittances at 13,5 percent.

Authorities say sustained export growth is critical to supporting the stability of the gold- and foreign currency-backed ZiG and keeping inflation in check.

Dr Moyo said the diamond market is expected to remain mixed, with demand for large, high-quality stones offsetting weaker demand for smaller goods.

“Coal, coke and metallurgical coal markets are projected to remain firm through 2027, while the lithium market is expected to rebalance in 2026, driven by demand for energy storage systems and electric vehicles,” she said.

PGMs continued to underpin mineral export revenues, reflecting Zimbabwe’s position as a major global producer. Sales of PGM concentrates exceeded targets, with 73 506 tonnes exported for US$306 million.

However, compared to 2024, both volumes and value declined as producers increasingly prioritised downstream beneficiation, reducing direct concentrate exports.

This shift boosted PGM matte exports, which surged 71 percent in value to US$1,5 billion from 37 194 tonnes, up from US$914 million in 2024. Strong prices for platinum, palladium and rhodium supported the gains.

Lithium also remained a key growth driver in Zimbabwe’s mineral export basket. By December 31, 2025, lithium sales had reached 1,522 million tonnes, generating US$571,6 million and exceeding volume and revenue targets by 33 percent and 10 percent, respectively.

Pollucite export volumes declined sharply, although revenues surpassed projections due to higher prices.

Ferro-alloy exports recorded solid growth, with combined sales of 433 293 tonnes valued at US$372 million, representing increases of 19 percent in volume and 11 percent in value from 2024. High-carbon ferrochrome led the category.

Chrome concentrates generated US$150 million from 886 752 tonnes, with revenues weighed down by lower prices despite stable volumes.

Steel exports posted the strongest growth, rising to US$92,1 million from 146 314 tonnes, a 450 percent increase in value year-on-year.