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Zimbabwe risks missing out on a mining boom due to low investment in exploration, industry experts warn. With gold prices at a 20–30-year high and deposits still shallow, the country may fail to attract significant foreign investment, potentially leaving valuable mineral wealth untapped, Mining Zimbabwe reports.
By Ryan Chigoche
Global data highlights the scale of the problem. In 2024, Canada invested roughly US$2.5 billion in exploration, about 20% of global spending, while Zimbabwe spent only US$11 million, representing less than 0.2% of the global total and 2% of Africa’s exploration budget.
Even when unreported expenditures are considered, Zimbabwe remains far behind other jurisdictions actively courting global mining capital.
The Ernst & Young 2026 Top 10 Risks and Opportunities report ranks resources and reserves fourth, signaling global concern over declining reserves and insufficient exploration.
This ranking underscores the importance of exploration as a central factor in attracting investment and sustaining mining growth.
Central to Zimbabwe’s mining challenge is the need for reliable geological data and transparent reporting, which are essential to attract meaningful investment, according to Ernst & Young.
Misleading or incomplete exploration results can erode investor confidence, as seen in historical cases like the Bre-X scandal.
With systematic exploration having declined since the mid-1990s, adopting internationally aligned standards such as CRIRSCO is critical. Even modest increases in credible exploration could significantly boost Zimbabwe’s appeal to global investors.
Speaking at a recent event in the capital, Eng. Godknows Njowa, a Partner at Ernst & Young, said documenting and communicating findings properly is key, calling for increased exploration.
“Once we understand the geology, we need to be able to convey the same message to investors… you need to use the industry reporting standards to be able to convey what we have found, what we expect, and how we have done it. Exploration is not just about finding minerals — it’s about building the geological understanding that underpins the entire mining operation. Once that knowledge is properly documented and reported according to international standards, investment will follow,” he said.
His remarks underscore why exploration is central to any sustainable mining strategy.
Most global exploration funding is directed toward existing mines or feasibility studies on known deposits, leaving only 22% allocated to new greenfield projects. This trend is mirrored in Zimbabwe, where underinvestment in greenfield exploration limits the country’s potential to discover new deposits and fully develop its mineral wealth.
Over the past two decades, commodity price fluctuations have shaped mining strategies worldwide.
Rising prices increased resource nationalism, as governments sought to maximize benefits from mineral wealth. Conversely, during low-price periods, mining companies focused on cost-cutting, productivity improvements, and technology adoption.
Throughout these cycles, workforce skill shortages and capital allocation challenges have remained persistent pressures for the sector.
Recent global disruptions, including COVID-19 and geopolitical tensions, have further reshaped the investment landscape.
Mining companies are increasingly prioritising long-term growth, making licensing, productivity, capital allocation, and resource and reserve management central to strategic planning.
This global context highlights the urgency for Zimbabwe to strengthen its exploration and reporting practices.
Within Africa, exploration spending is concentrated in Ghana, Côte d’Ivoire, South Africa, and the Democratic Republic of Congo.
Zimbabwe accounts for only 2% of the continent’s exploration budget, underscoring the need for strategic investment to remain competitive in attracting global mining capital.
Eng. Njowa emphasised the urgency of action, linking Zimbabwe’s opportunity to current market conditions:
“For gold, this is our time. Prices are at their highest in decades, and our deposits are still shallow. If we don’t act now, we risk missing this generation’s opportunity.”
Experts say Zimbabwe could attract global investment by aligning with international reporting standards such as CRIRSCO, following industry best practices, and increasing geological and greenfield exploration.
Proper exploration would also address the threats highlighted in EY’s Top 10 Risks report, transforming potential risks into actionable opportunities for growth.
Without immediate action, Zimbabwe risks losing ground to better-prepared mining jurisdictions. Targeted exploration, proper capital allocation, transparent reporting, and adherence to international standards are essential for unlocking the country’s mineral wealth and driving sustainable economic growth.
