Zimbabwe mining export earnings to soar past US$6,5bn
PHILLIMON MHLANGA IN VICTORIA FALLS
The Chamber of Mines of Zimbabwe (CoMZ) says the country’s mineral export earnings are poised to surge beyond US$6,5 bn next year, marking one of the strongest growth phases in recent years as firming global commodity prices and new mining projects position the sector for a major rebound.
CoMZ chief executive officer Isaac Kwesu told delegates at the Association of Mine Managers of Zimbabwe annual conference in Victoria Falls that gold, lithium and platinum group metals (PGMs) will anchor the mining industry’s recovery path in 2025 and 2026.
“In the outlook, the mining sector is expected to grow by 5,6% this year, on the basis of new and ongoing special projects in the gold and coal sectors,” Kwesu said.
“Exports are expected to surge to a record US$6 bn in 2025, primarily on the strength of gold prices. We also expect export earnings to surpass US$6,5 bn next year, which will be another record. There is bullish confidence that next year will be a better year if all challenges are addressed.”
Gold remains the biggest driver of optimism, with international prices having jumped by more than 50% since January to US$4 051 per ounce. Some global forecasts project the metal could reach US$4 900 by end-2026.
Government has responded with incentives aimed at boosting output and formal deliveries, particularly from the small-scale sector, which now dominates national production. These include 100% forex retention and a 5% bonus for every 500 grammes delivered to Fidelity Gold Refinery.
Lithium and PGMs — both of which experienced depressed prices in 2024 and early 2025 — are also projected to rebound meaningfully next year as global supply tightens.
“Preliminary information from our State of the Mining Industry Survey indicates that the sector may grow by more than 10% next year,” Kwesu said. “Growth will be broad-based across gold, PGMs, lithium, coal and ferroalloys.”
Kwesu stressed that mining remains the backbone of Zimbabwe’s economy, contributing about 14% of GDP and generating powerful multiplier effects.
“For every dollar that our industry generates, three additional dollars are created in other related industries,” he said. “And for every job in mining, three more jobs are created along the value chain.”
Capacity utilisation, which averaged 84% in 2024, is expected to climb to 90% by 2026 as new projects reach maturity and existing operations ramp up production.
“Current indications suggest capacity will stay above 90% throughout the year,” he said.
Mining continues to be a major revenue source for Treasury, accounting for nearly 19% of government revenue and more than 65% of Zimbabwe’s foreign direct investment inflows. The sector employs over 50 000 formal workers, a figure that rises to more than 500 000 when artisanal and small-scale miners are included.
However, Kwesu warned that persistent structural constraints — especially power shortages — continue to undermine operational stability and threaten the projected growth path.
The CoMZ is urging government to urgently resolve these bottlenecks to ensure the mining industry fully capitalises on strong global commodity prices and the emerging project pipeline.
