Gold takes centre stage in Zim’s export strategy

ROBIN PHIRI

Gold is poised to become Zimbabwe’s primary mineral export and a key pillar of the country’s revenue generation strategy, according to the Chamber of Mines of Zimbabwe.

This shift comes as the country grapples with declining global prices for platinum group metals (PGMs), which have traditionally contributed significantly to export earnings.

In an interview, Chamber of Mines Chief Executive Officer Isaac Kwesu emphasized that Zimbabwe is increasingly depending on gold to drive its mineral export growth.

The decline in PGMs, largely driven by waning demand from the automotive sector amid a global shift toward renewable energy and electric vehicles, has forced a strategic pivot toward the yellow metal.

“Gold is still going to drive much of the overall exports,” said Kwesu.

“We have seen more in terms of the concentration ratio, with gold now accounting for between 25% and 47% of mineral export earnings.”

In 2025, global PGM prices slumped due to structural changes in global demand. The automotive industry, once the largest consumer of PGMs for catalytic converters, has seen a rapid shift toward electric vehicles and other clean technologies, reducing the reliance on platinum, palladium, and rhodium. This development has left Zimbabwe, one of Africa’s top PGM producers, in a vulnerable position.

In contrast, gold has demonstrated remarkable resilience. Its global appeal as a hedge against inflation and economic uncertainty has kept demand buoyant. Zimbabwe is now leveraging this trend to stabilize its export earnings and mitigate the risks associated with commodity price fluctuations.

“The country is now banking on gold, not only to maintain export revenues but to expand them,” said Kwesu. “This is why we are seeing increased efforts to formalize small-scale and artisanal mining, which contributes a substantial portion of national gold output.”

Indeed, the government has intensified efforts to integrate informal gold miners into the formal economy through regulatory frameworks and incentives. The aim is to boost official deliveries to Fidelity Gold Refinery, reduce smuggling, and increase transparency in the gold trade.

Stakeholders from both government and industry have also been collaborating to improve gold production and marketing systems. These initiatives include expanding access to equipment for small-scale miners, refining taxation and export policies, and enhancing the capacity of gold refineries.

As the sector responds to these policy shifts, gold is steadily cementing its role as Zimbabwe’s most strategic mineral. Industry insiders point out that the continued strength of gold prices on the global market presents an opportunity for Zimbabwe to rebuild its mineral revenue base, which is critical to economic recovery.

Kwesu underscored the broader economic implications: “The gold sector’s resilience has made it a stabilizing force in the broader mining industry. Its performance is expected to play a crucial role in Zimbabwe’s efforts to increase foreign currency inflows and improve macroeconomic stability.”

With gold now anchoring the country’s mineral export strategy, the trajectory of its production will be central to Zimbabwe’s fiscal outlook. Analysts say that if current trends persist—and if governance and regulatory reforms are effectively implemented—Zimbabwe could see a significant turnaround in its mining sector performance by the end of the year.

As global mineral markets continue to evolve, Zimbabwe’s pivot to gold may prove to be a prudent and timely strategic realignment. With the right support structures, the gold sector could not only replace lost PGM revenue but also lay the foundation for a more resilient and diversified mineral economy.