Zimbabwe’s mining sector has started the year on a robust footing, with total mineral export revenue surging by 57.4% in the first quarter of 2026 to reach an impressive US$2.37 billion, up from US$1.31 billion recorded in the same period last year, Mining Zimbabwe can report.
By Rudairo Mapuranga
The strong performance reinforces the sector’s position as the country’s economic anchor and primary foreign currency generator.
The stellar growth was largely driven by favourable international commodity prices and a strategic policy shift toward beneficiation and value addition, which is beginning to yield tangible dividends for the extractive industry.
Gold maintained its status as Zimbabwe’s single largest export earner, contributing approximately 58.4% of total Q1 mineral revenue. Gold exports soared by 83.1% to US$1.38 billion, up from US$755.2 million in Q1 2025. Deliveries to Fidelity Gold Refinery increased by 8.3% to 9,311.93 kilogrammes, with small-scale miners accounting for 6,510.91 kilogrammes, a 12.8% year-on-year increase, while large-scale miners recorded a marginal 1% decline to 2,801.02 kilogrammes. The policy change in March 2026, which suspended the 10% ZiG retention requirement, temporarily disrupted artisanal and small-scale mining deliveries but is expected to boost volumes in subsequent quarters.
The platinum group metals segment delivered the strongest percentage revenue growth, more than doubling export earnings to US$543.98 million, a 111.6% surge compared to US$257.11 million in Q1 2025. PGMs now account for approximately 23% of total mineral export revenue, up from 19.6% in the previous year. Production volumes for the quarter stood at 3,807.37 kilogrammes of platinum, 3,115.61 kilogrammes of palladium, 330.65 kilogrammes of rhodium, 194.90 kilogrammes of iridium, and 271.59 kilogrammes of ruthenium.
High-carbon ferrochrome and steel exports generated US$130.41 million in Q1 2026, a 40.7% increase from US$92.66 million in Q1 2025. Production of high-carbon ferrochrome reached 65,365.36 metric tonnes during the quarter.
Lithium continued its remarkable growth trajectory, with exports more than doubling to reach US$183.99 million, a 109.2% increase from US$87.93 million in Q1 2025. Production volumes for the quarter stood at 551,050.24 metric tonnes, representing a 53.72% increase from the 358,468.02 metric tonnes recorded in Q1 2025. Key contributors included Prospect Lithium Zimbabwe, the Chinese-investor-expanded Bikita Minerals, and Kamativi Mining Company. The government’s February 2026 ban on unbeneficiated lithium ore exports has driven a shift toward processed lithium sulphate exports, significantly increasing value retention within the country.
Diamonds were the only mineral segment to record a revenue decline, with earnings falling 23.5% to US$21.55 million from US$28.17 million in Q1 2025. Production volumes dropped by 43.96% to 438,596.88 carats from 782,648.49 carats, primarily due to lower-grade ore processing at the Marange diamond fields and subdued global diamond prices.
Coal exports grew by 63.8% to US$6.67 million from US$4.07 million, with production reaching 1,562,185.84 metric tonnes. Coke exports recorded a modest 1.5% increase to US$52.80 million from US$52.00 million.
Chrome production for the quarter reached 178,425 metric tonnes, a decline of 61.68% from 465,638.82 metric tonnes in Q1 2025. Nickel production stood at 1,485.74 metric tonnes, down 52.03% from 3,097.46 metric tonnes, while copper production fell by 52.50% to 1,216.74 metric tonnes from 2,561.78 metric tonnes. Cobalt production declined by 66.64% to 25.93 metric tonnes from 77.74 metric tonnes.
Other minerals recorded varied performances. Granite production surged by 271.40% to 88,570.37 metric tonnes from 23,848 metric tonnes. Vermiculite production reached 5,328.35 metric tonnes, while silica and quartz production stood at 200 metric tonnes. Tantalite production was recorded at 40,851.37 metric tonnes, iron production at 181,812 metric tonnes, and limestone production at 239,926.78 metric tonnes. Antimony production reached 3,618,187.83 metric tonnes, while fluorspar production stood at 572.89 metric tonnes. Phosphate recorded no production during the quarter, a 100% decline from 1,004 metric tonnes in Q1 2025.
The production data present a nuanced picture, with gold and lithium recording meaningful growth while several key minerals, including chrome, nickel, copper, cobalt, and diamonds, recorded significant volume declines relative to Q1 2025. Addressing these production contractions through targeted investment in mining infrastructure, energy supply, and operational efficiency will be essential to sustaining revenue growth over the medium term.
Other minerals collectively generated US$44.47 million in export revenue, a 33.8% increase from US$33.22 million in Q1 2025.
The sector’s strong revenue performance, coupled with continued policy support for beneficiation and value addition, positions mining as a key driver of Zimbabwe’s economic development and its trajectory toward upper-middle-income status by 2030. Sustained momentum will require coordinated action across investment attraction, regulatory efficiency, and infrastructure development.
