Zimbabwe’s coal exports earned US$16.5 million in February 2026, accounting for just 1.7 per cent of the country’s total merchandise exports, according to the Reserve Bank of Zimbabwe Monthly Economic Review for February 2026.
By Rudairo Mapuranga
Total merchandise exports for the month stood at US$969.4 million, with primary commodities continuing to dominate the export structure. Gold led with a 50.9 per cent share, followed by tobacco at 25.2 per cent and platinum group metals at 10.8 per cent. Steel contributed 1.6 per cent, with other minerals making up the balance.
While the US$16.5 million coal export figure represents a modest share of total exports, coal remains a strategic mineral for Zimbabwe, not primarily as an export commodity but as a critical input for domestic energy generation and industrial processing.
Unlike gold and tobacco, which are overwhelmingly exported, the majority of coal produced in Zimbabwe is consumed domestically. The mineral plays a foundational role in the country’s energy mix and heavy industry. Coal is the primary fuel for the Hwange Thermal Power Station, Zimbabwe’s largest electricity generation plant, which burns substantial volumes of coal to supply the national grid.
Beyond power generation, coal provides heat for industrial boilers in manufacturing, textiles, and food processing. Processed coal, known as coke, is essential for ferrochrome smelting and steel manufacturing. Thermal coal also powers steam systems across various industries, including laundry operations, cement production, and brickmaking.
According to industry estimates, Zimbabwe consumes between 2.5 million and 3 million tonnes of coal annually, with only a fraction exported, primarily to regional markets, including the Democratic Republic of Congo, Zambia, Botswana, Mozambique, and South Africa.
While Zimbabwe currently exports raw thermal coal and some coke, the country holds significant potential to move up the value chain through advanced beneficiation processes, according to the Chamber of Mines of Zimbabwe.
Speaking at a workshop on energy minerals co-hosted by ActionAid Zimbabwe and the Parliament of Zimbabwe, Chamber of Mines Economic Policy and Investment Promotion Manager David Matyanga outlined the full spectrum of coal beneficiation opportunities available to the country.
Matyanga explained that coal is the foundational product from which all other beneficiation flows. He stated that the basic sellable product of any mining organisation is coal, and from coal, the sector can move to higher-value products, noting that the coal sector has a wide range of beneficiation options.
He explained that thermal coal, used for power generation and industrial heating, is the most basic product, extracted directly from the pit with minimal processing. The first stage of beneficiation involves washing, which removes ash and other impurities from the raw coal. Once washed, various off-takers can utilise it for applications including industrial boilers, steam production, laundry operations, and heating systems across manufacturing sectors.
Matyanga further explained that coal is naturally ranked into various grades, with thermal coal at the top and coking coal found deeper within coal seams. Coking coal undergoes processing through coke batteries to produce coke, which is essential for ferrochrome production, iron and steel manufacturing, and other industrial applications.
The coke manufacturing process itself yields valuable chemical by-products, including steam, toluene, tar, and benzene, which feed into the chemical sector, creating opportunities for linkages between the mining and chemical industries and adding further value within Zimbabwe.
Matyanga then highlighted the most advanced beneficiation options: coal gasification and coal liquefaction, processes that convert coal into synthetic fuels and chemicals. He noted that these processes can produce diesel from coal, pointing to South Africa’s Sasol plant in Secunda as a working example. The facility has operated for decades, converting low-grade coal into high-value liquid fuels.
However, Matyanga was clear that the primary barrier to such investment in Zimbabwe is insufficient domestic demand. He stated that the basic requirement is demand, noting that the country does not have sufficient demand to justify investment in plants that manufacture such products.
This is a critical point: coal-to-liquid plants require massive capital investment and operate most efficiently at a large scale. Without a guaranteed offtake for liquid fuels and chemicals, such projects cannot achieve the returns investors require.
Matyanga revealed that a detailed assessment of Zimbabwe’s coal gasification potential has already been conducted. He said a study by a German company indicated that coal gasification and coal electrification are possible, adding that the document is currently with the metallurgy department.
The existence of this study suggests that the technical viability of coal gasification in Zimbabwe has already been established. What remains is an economic assessment of whether the investment case can be justified given current demand projections.
For Zimbabwe, which holds significant coal reserves in the Hwange coalfields, as well as deposits in Lubimbi, Gokwe, Save-Limpopo, and Tuli, the question of coal beneficiation is strategic.
Moving up the value chain to produce liquid fuels and chemicals would require a clear assessment of domestic and regional demand, a supportive fiscal framework, anchor investors willing to commit to large-scale capital projects, and infrastructure to support such operations, including power, water, and transport.
Matyanga’s remarks suggest that the technical groundwork has been laid. The German study remains with the metallurgy department, awaiting the right policy and market conditions for implementation.
For Zimbabwe, the question is not whether coal beneficiation is possible—it is. The question is whether the country can create the conditions that make such investment viable. This requires understanding demand, engaging potential off-takers, and ensuring that the fiscal and regulatory environment supports projects of this scale.
While coal’s contribution to export earnings remains modest compared to gold and platinum group metals, its strategic importance to Zimbabwe’s energy security and industrial base cannot be overstated. The sector continues to supply the Hwange Thermal Power Station, independent power producers, and industrial consumers.
The coal gasification study represents an opportunity waiting for the right policy environment and market conditions. Whether Zimbabwe can unlock this value will depend on its ability to stimulate demand or attract investors willing to build for export markets.
