.png)
Zimbabwe’s Platinum Group Metals (PGM) sector has registered a seismic shift in its revenue composition, with earnings from high-value PGM matte surging by 50% to a colossal US$1.05 billion. The boom, however, masks a steep decline in traditional concentrate exports, painting a picture of a sector rapidly pivoting to capitalise on improved global prices and a more lucrative sales mix, ultimately driving a significant increase in total export earnings, Mining Zimbabwe can report.
By Rudairo Mapuranga
The nine-month period to September 2025 revealed a tale of two very different PGM product lines for the Minerals Marketing Corporation of Zimbabwe (MMCZ). The data underscores a fundamental restructuring of the nation’s top export earner.
On one hand, the traditional export of PGM concentrate experienced a severe contraction. The figures show that 50,084 metric tonnes of PGM concentrate were sold for US$174.4 million. This performance stands in stark contrast to the prior year, where 117,287 metric tonnes were sold for US$419.4 million. This represents a precipitous 58% decline in value and a 57% drop in volume, highlighting a strategic move away from this lower-value export stream.
However, this decline was not just offset but overwhelmingly eclipsed by a monumental performance in PGM matte. During the same period, 27,806 metric tonnes of PGM matte were sold for US$1.05 billion. This single product line alone accounted for a staggering 50% surge in earnings compared to the previous year. The explosive growth in matte exports was the primary engine behind the sector’s overall robust performance, which saw total export earnings increase significantly from the US$702 million recorded in the prior comparable period.
This dramatic shift signifies a strategic triumph. The “mixed performance” is not a sign of weakness but of intentional optimisation. The sector is consciously moving its sales mix to favour the higher-value, more processed matte, which commands a premium on the global market. This pivot synergised perfectly with the 54% surge in the PGM basket price noted by General Manager Dr. Nomsa Moyo, who earlier stated: “We had an increase of 54% in terms of price increase… due to the upward trends in our prices for the PGM basket… we anticipate that we are going to meet our target.”
The numbers tell a clear story: by processing more ore into matte rather than exporting raw concentrate, Zimbabwe is capturing exponentially more value from its mineral wealth. While the volume of matte sold (27,806 Mt) is substantially less than the previous year’s concentrate volume (117,287 Mt), its value is more than double the concentrate revenue from that period. This is a textbook case of moving up the value chain, ensuring that the nation retains a larger share of the final revenue from its natural resources.
The narrative of Zimbabwe’s PGM sector is no longer just about digging ore out of the ground; it is about the sophisticated and strategic management of its downstream processing and product portfolio. The 50% surge in matte earnings to over US$1 billion is a powerful validation of this strategy. While the plunge in concentrate exports may seem alarming at first glance, it is the calculated counterpoint to a much larger success story. This rebalancing towards high-value products, coupled with a favourable global pricing environment, has solidified PGMs as the undisputed cornerstone of Zimbabwe’s economy, proving that strategic foresight is just as valuable as the minerals themselves.
