Mining ZimbabweLatest Mining News, Policy and Industry Updates

Platinum, palladium, gold, rhodium, ruthenium, iridium, nickel and copper all post strong quarterly gains as smelter roars back to life

The country’s largest platinum group metals (PGM) producer, Zimplats Holdings Limited, has reported a comprehensive recovery across all metals in its final product for the quarter ended June 30, 2026, with every PGM and base metal category posting substantial increases from the prior quarter as the company processed accumulated concentrate inventory following furnace maintenance, Mining Zimbabwe can report.

By Rudairo Mapuranga

The most dramatic recovery came in platinum, which surged 176% quarter-on-quarter to 97,950 ounces. Palladium followed closely with an 183% increase to 84,035 ounces. Gold jumped 174% to 10,570 ounces, while rhodium rose 182% to 9,058 ounces. Ruthenium posted a 186% gain to 7,867 ounces, and iridium climbed 186% to 3,710 ounces.

On a year-on-year basis, the picture was equally impressive. Platinum rose 14% to 97,950 ounces, palladium increased 15% to 84,035 ounces, and gold edged 4% higher to 10,570 ounces. Rhodium delivered a 10% year-on-year gain to 9,058 ounces, while ruthenium surged 24% to 7,867 ounces and iridium jumped 29% to 3,710 ounces.

Total 6E metal in the final product reached 213,190 ounces, representing a 179% increase from the prior quarter and a 14% improvement year-on-year.

Silver also posted strong gains, rising 216% quarter-on-quarter to 20,467 ounces, although it remained 2% lower than in the same period last year.

Base Metals: Nickel and Copper Rebound Sharply

The recovery extended to base metals, with nickel production soaring 197% quarter-on-quarter to 2,030 tonnes and climbing 6% year-on-year. Copper jumped 175% from the prior quarter to 1,539 tonnes, representing a 5% year-on-year increase.

Cobalt, however, painted a different picture. While production surged 398% quarter-on-quarter to 234 tonnes, it remained 30% lower than in the prior-year period.

The Driver Behind the Surge

The exceptional quarterly performance was driven primarily by the processing of 63,000 6E ounces of concentrate inventory accumulated during the Q3 furnace maintenance. This explains the 179% quarterly surge across all metals.

However, the company has signalled that this momentum may be temporary.

“The furnace is scheduled for major maintenance in September and October 2026, resulting in further inventory buildup, which is planned to be released by the end of Q3 FY2027.”

Year-on-Year Comparison

While the quarterly numbers represent a remarkable recovery, the sustainability of this production level remains uncertain. The upcoming September-October 2026 furnace maintenance will once again disrupt production, although management has indicated that accumulated inventory from that shutdown will be released by the end of Q3 FY2027.

For now, Zimplats has demonstrated the resilience of its operations and its ability to rapidly scale production once maintenance constraints are removed, positioning the company for continued strong performance in the year ahead.

Zimbabwe is on course to record US$20 billion in foreign currency receipts by the end of 2026, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has said, citing stronger export earnings, improving international commodity prices and continued growth in key external inflows, Mining Zimbabwe can report.

By Ryan Chigoche

Speaking at a breakfast meeting held on the margins of the post-Mid-Term Budget Review in Harare, Professor Ncube indicated that the country’s total foreign currency receipts for the full year are expected to approach US$20 billion, which would be nearly double the US$10.7 billion recorded in the first six months.

Export earnings are set to remain the primary engine behind that growth, with gold forecast to make a particularly strong contribution, supported by expectations of rising international bullion prices. He also noted that platinum group metals and other mineral prices are likely to firm up in the second half of the year.

At the same time, the government’s beneficiation push, encompassing a gradual prohibition on unprocessed lithium concentrate exports alongside an expansion of domestic gold refining capacity, is designed to help Zimbabwe retain a larger share of the value generated from its natural resources.

This policy-led push is reinforced by a supportive global demand outlook. The World Gold Council points to sustained investment demand and continued central bank buying underpinning bullion through 2026, while the World Platinum Investment Council foresees a structurally undersupplied platinum market, with persistent deficits expected to keep prices supported over the medium term.

Beyond the global picture, Treasury’s projections are also anchored in a robust first-half performance, with foreign currency receipts jumping 47.8% to US$10.7 billion between January and June, from US$7.3 billion in the corresponding period of 2025.

Export proceeds contributed US$7.53 billion, representing 70.3% of total foreign currency inflows during the period. Diaspora remittances added US$1.55 billion, while foreign direct investment more than doubled to US$269.9 million, reflecting a 126.8% increase over the same period last year.

Professor Ncube described the first-half performance as evidence of the resilience of Zimbabwe’s external sector despite ongoing geopolitical tensions and global trade disruptions.

That resilience was reflected in the country’s current account — the balance of money flowing into and out of the country through trade, services, income and transfers — which recorded a US$616.3 million surplus in the first quarter of 2026, compared with a US$22.5 million deficit a year earlier.

The improvement was supported by stronger export earnings, with merchandise exports rising 41.6% to US$4.5 billion in the first five months of 2026. With mining remaining a major contributor to export receipts, the growth highlights the sector’s continued importance to Zimbabwe’s external position. Treasury expects the current account surplus to widen to US$2.6 billion by year-end, supported by stronger exports and sustained remittance inflows.

Looking ahead, stronger export earnings, increased foreign currency inflows and continued investment are expected to support the broader fiscal outlook. If international commodity prices remain supportive and export growth continues at the current pace, Treasury believes Zimbabwe is on track to achieve its US$20 billion foreign currency receipts target for 2026.

Zimbabwe’s banks are seeking funding from development finance institutions (DFIs) and using syndicated lending to provide longer-term capital to mining companies, as a mismatch between short-term bank deposits and projects that can take a decade to mature threatens to constrain investment, Mining Zimbabwe can report.

By Ryan Chigoche

Commercial banks typically lend for two to five years, while a greenfield mining project can take seven to 10 years before generating stable cash flows. The gap is becoming more important as the mining industry seeks about US$10 billion in investment over the next five years, according to the Chamber of Mines of Zimbabwe, with capital needed to expand existing operations, develop new mines and increase processing capacity.

In an interview with Mining Zimbabwe, Bankers Association of Zimbabwe (BAZ) Chief Executive Fanwell Mutogo said the mismatch was primarily driven by the short-term nature of local bank deposits.

“Zimbabwe is indeed experiencing a structural mismatch, which is primarily brought about by the highly transitory nature of local bank deposits. Commercial banks are heavily reliant on short-term deposits and are bound by strict liquidity requirements. This makes it inherently difficult to fund seven-to-10-year greenfield exploration projects using short-cycle liabilities,” he said.

The constraint, however, is not simply that banks are unwilling to lend to mining. According to 2026 Reserve Bank of Zimbabwe data, the sector accounts for about 8.1% of total banking-sector credit, making it the fifth-largest recipient of loans after households, agriculture, distribution and manufacturing.

The figure points instead to a mismatch between the type of funding available and the long development cycles of mining projects.

“The struggle to access finance does not necessarily suggest that banks are arbitrarily overpricing risk; rather, it points to the structural challenge of inadequate long-term finance in the domestic market,” Mutogo said.

Mining projects require substantial capital before they generate predictable revenue, with funding needed for exploration, feasibility studies, mine development, equipment, processing facilities and supporting infrastructure. That makes the sector difficult to finance through short-cycle liabilities alone.

The response is increasingly to bring longer-term institutional capital into the financing chain. Mutogo said banks were partnering with multilateral institutions and DFIs to secure credit lines that could be passed on to mining companies.

“The core structural weakness is that mining inherently requires massive, patient capital. Banks are highly aware of this constraint and are actively trying to solve it by aggressively partnering with multilateral institutions and DFIs to secure long-term credit lines that can be on-lent to miners at competitive rates,” he said.

Such partnerships can extend financing to five, seven or even 10 years, bringing the tenure of funding closer to the development cycle of major mining projects.

“These partnerships allow domestic banks to unlock longer-tenure financing lines that can extend to five, seven, or even 10 years, providing the patient capital required to bridge the gap from early-stage development to stable cash-flow generation,” he said.

Syndicated lending is providing another avenue for banks to increase their capacity by combining balance sheets and sharing exposure to larger transactions.

At Mine Entra 2026, CBZ Holdings Divisional Director for Corporate Banking Lawrence Nyazema said total banking-sector deposits stood at around US$6 billion, compared with the mining sector’s US$10 billion investment requirement over five years.

He cited the US$125 million syndicated facility arranged by eight domestic banks for Mutapa Gold Resources as an example of lenders pooling capital to finance large mining investments.

The transaction illustrates how local banks can participate in larger projects by spreading exposure across several institutions, although the underlying need for longer-tenure funding remains.

That is where regional and international DFIs become important. Mutogo said institutions such as Afreximbank and the Trade and Development Bank (TDB) were helping domestic lenders mobilise larger facilities and strengthen their capacity to finance mining.

“Given the immense capital requirements of the mining industry, local liquidity is often not enough. As such, domestic banks actively utilise and seek reprieve from international partners and Development Finance Institutions (DFIs) such as Afreximbank and the Trade and Development Bank (TDB) to syndicate larger facilities and bolster their lending capacity,” he said.

The financing challenge is likely to become more pronounced as Zimbabwe seeks to develop new mines while pushing greater beneficiation and value addition, which require additional investment in processing plants, equipment and supporting infrastructure.

For miners, longer-tenure DFI-backed facilities can provide capital better aligned with the economics of projects that take years to mature. For banks, access to external long-term funding allows them to participate in larger mining transactions without relying entirely on short-term domestic deposits.

With the sector targeting US$10 billion in investment over the next five years, expanding access to DFI-backed funding while deepening syndicated lending could help narrow the gap between the capital Zimbabwe’s mining industry needs and the financing capacity of its domestic banking system.

Zimbabwe’s national gold refinery, Fidelity Gold Refinery (Fidelity), has taken fresh steps to reinforce the integrity of the country’s gold value chain by partnering with the Zimbabwe Anti-Corruption Commission (ZACC) to strengthen ethical leadership and corruption prevention, Mining Zimbabwe can report.

By Rudairo Mapuranga

Integrity Workshop Builds Institutional Resilience

Members of Fidelity’s Integrity Committee signed Integrity Pledges as part of the initiative, committing themselves to upholding the highest standards of transparency and accountability.

The Integrity Pledges were signed during a two-day Integrity Workshop held recently at Cresta Lodge Msasa in Harare. The workshop brought together members of Fidelity’s Integrity Committee, Fidelity Board members, senior management and ZACC officials to strengthen ethical leadership, enhance corporate governance and reinforce corruption prevention measures across the organisation.

The initiative forms part of Fidelity’s broader governance agenda to strengthen institutional resilience, enhance public confidence and support Zimbabwe’s national anti-corruption efforts. By embedding integrity into its organisational culture and promoting personal accountability at every level, Fidelity aims to safeguard transparency and accountability across the country’s gold value chain.

Fidelity Committed to Ethical Leadership

Officially opening the workshop, Fidelity General Manager Mr Peter Magaramombe said the training reflected Fidelity’s unwavering commitment to ethical leadership and sound corporate governance.

“As the national gold refinery, Fidelity plays a critical role in the gold value chain. We understand that for Zimbabwe to fully benefit from its mineral resources, we must uphold the highest standards of integrity, transparency and accountability. Corruption has no place in the mining sector because it erodes value, discourages investment and robs the nation and its people of development,” said Mr Magaramombe.

Mr Magaramombe said the workshop had come at a critical time as Fidelity deepens its systems to seal operational leakages and promote ethical conduct throughout the gold value chain.

ZACC Commends Proactive Approach

Delivering the keynote address, Zimbabwe Anti-Corruption Commission Executive Secretary Advocate S. Manhivi underscored the importance of integrity in building resilient institutions and safeguarding national resources.

“Integrity is the foundation upon which strong institutions are built. It is not merely about complying with policies and procedures, but about consistently making ethical decisions and upholding accountability in the execution of our duties. Organisations that cultivate a culture of integrity are better positioned to prevent corruption, inspire public confidence and contribute meaningfully to national development,” said Advocate Manhivi.

Advocate Manhivi commended Fidelity for taking a proactive approach to corruption prevention through continuous integrity training and institutional capacity building, describing the initiative as a demonstration of leadership in promoting ethical governance within Zimbabwe’s mining sector.

Practical Training on Corruption Prevention

Throughout the two-day workshop, participants received practical training on:

• Corruption prevention and integrity management
• Ethical leadership and corporate governance
• Corruption risk identification
• Conflict-of-interest management
• Whistleblower protection
• Implementation of effective anti-corruption systems

The sessions also provided practical guidance on embedding integrity into organisational culture and strengthening accountability across all levels of the business.

Integrity Pledges Signed

A key highlight of the workshop was the signing of Integrity Pledges by members of Fidelity’s Integrity Committee, committing themselves to upholding the highest standards of transparency and accountability. The pledges affirm each member’s personal responsibility to champion ethical conduct, prevent corruption and promote a culture of integrity throughout the organisation.

Protecting the Gold Value Chain

As the country’s sole gold refinery, Fidelity recognises that protecting the integrity of the gold value chain is essential to building investor confidence, safeguarding national resources and ensuring Zimbabwe derives maximum value from its mineral wealth.

Through its partnership with ZACC, Fidelity continues to strengthen its governance systems and institutional resilience while supporting national efforts to combat corruption.

The strengthened controls come at a critical time as Zimbabwe deepens the formalisation of its gold sector, with the Government recently announcing a Policy Statement on Participation in Zimbabwe’s Small- and Medium-Scale Gold Mining Sector, which reserves the sector for Zimbabwean citizens and wholly Zimbabwean-owned entities.

As Zimbabwe intensifies its quest to transform its vast mineral wealth into sustainable economic growth, the country’s participation at Africa Down Under (ADU) presents another strategic opportunity to showcase a mining sector increasingly defined not only by resource abundance, but also by its commitment to value addition, beneficiation and responsible investment.

Kelvin Sungiso

Africa Down Under(ADU) conference will take place from the 2nd to the 4th of September at the Pan Pacific hotel in Perth, Western Australia.

For decades, Zimbabwe has been recognised as one of Africa’s most richly endowed mineral jurisdictions, boasting significant deposits of lithium, platinum group metals, gold, chrome, diamonds, nickel and rare earth elements. However, the country’s development strategy is steadily evolving from being merely a supplier of raw minerals to becoming a competitive destination for mineral processing, manufacturing and downstream industrialisation.

This policy direction aligns with Zimbabwe’s broader economic vision of maximising value from every tonne of ore extracted while creating skilled employment, expanding local industries and increasing export earnings through higher-value mineral products. Recent government policy has consistently prioritised beneficiation, with growing emphasis on attracting investors willing to establish processing and refining facilities within Zimbabwe rather than exporting unprocessed minerals.

Africa Down Under has evolved into one of the world’s most influential platforms connecting African resource-rich nations with Australian mining expertise, institutional investors, financiers, technology providers and exploration companies.

For Zimbabwe, the conference offers an opportunity to reposition its mining narrative beyond geological potential. Increasingly, the message is clear, Zimbabwe seeks investment partners interested in developing complete mining value chains.

Australian mining companies possess globally recognised expertise in exploration, mine development, environmental management, mineral processing, digital mining technologies and skills development. These capabilities complement Zimbabwe’s ambitions to modernise its mining industry while increasing domestic beneficiation.

Rather than focusing solely on extraction, discussions are expected to centre on integrated investment opportunities that include processing plants, engineering services, mining equipment manufacturing, renewable energy solutions for mines and critical minerals development.

Lithium and the New Investment Opportunity

Lithium, once exported primarily as concentrate, is increasingly viewed as the foundation of an industrial ecosystem capable of supporting chemical processing, battery precursor manufacturing and, eventually, participation in the electric vehicle supply chain.

Zimbabwe has already witnessed substantial investment in lithium processing infrastructure, signalling growing confidence in the country’s beneficiation agenda. The establishment of lithium sulphate plants and policies encouraging local processing demonstrate Zimbabwe’s intention to capture greater value before minerals leave its borders.

Similar opportunities exist across platinum group metals, chrome, nickel and graphite, where downstream processing has the potential to significantly increase export value while stimulating local manufacturing.

The country’s National Development Strategy also identifies beneficiation as a major driver of industrialisation, employment creation and economic diversification.

Today’s mining investors increasingly evaluate jurisdictions based on infrastructure, regulatory certainty, ESG performance, access to energy, skilled labour and opportunities for downstream integration. The country’s competitive advantage extends beyond its exceptional geology to include an expanding investment pipeline in mineral processing, industrial parks, renewable energy integration, logistics and mining services.

As the global energy transition accelerates, demand for responsibly produced critical minerals continues to rise, creating opportunities for countries capable of offering stable, long-term partnerships and integrated value chains.

Value addition should not be viewed merely as a regulatory requirement, but as a commercial opportunity capable of unlocking new industries, attracting higher-quality investment and strengthening Zimbabwe’s competitiveness in global mineral markets.

Equally important is fostering collaboration between government, investors, financial institutions, research institutions and local communities to create an ecosystem where mining catalyses broader industrial development.

Building Long-Term Partnerships

Zimbabwe’s engagement at Africa Down Under represents more than an investment promotion exercise. It reflects the country’s determination to build long-term partnerships with investors who share its vision of industrial growth.

As global competition for critical minerals intensifies, countries able to combine world-class mineral resources with competitive processing capabilities will be better positioned to capture greater economic value.

For Zimbabwe, the future of mining lies not simply beneath the ground, but in the industries, technologies and manufacturing ecosystems built above it.

Africa Down Under therefore presents an ideal platform to communicate a clear investment proposition: Zimbabwe is open for investment, committed to value addition and ready to partner with investors seeking long-term growth in one of Africa’s most prospective mining jurisdictions.

For both local and international investors, the opportunity is no longer confined to discovering the next mine; it lies in helping build Zimbabwe’s next generation of mineral-based industries.

The Zimbabwe School of Mines (ZSM) is advancing its school-owned Experimental Mining Project in Inyathi as a practical training and mining innovation platform, with plans underway to establish a Gold Service Centre in partnership with Fidelity Gold Refinery, Mining Zimbabwe can report.

By Ryan Chigoche

The development is part of a broader effort by the institution to move mining education beyond the classroom, giving students greater exposure to exploration, mining operations, technology and mineral value addition.

Speaking at the school’s graduation ceremony, ZSM Principal Edwin Gwaze described the Inyathi project as one of the institution’s most significant developments over the past year.

“One of the most significant developments during the year has been the advancement of the Experimental Mining Project in Inyathi, which now serves as a strategic platform for practical training, applied research and mining innovation. Significant exploration work has been completed, and plans are underway for the establishment of a Gold Service Centre in partnership with Fidelity Gold Refinery,” Gwaze said.

The school-owned mine gives ZSM a real-world environment in which students can gain practical experience while supporting applied research and mining innovation. The planned Gold Service Centre is expected to deepen that industry exposure by linking the institution more closely with the gold value chain and Fidelity Gold Refinery.

The expansion of practical training comes as ZSM implements its 2026–2030 Strategic Plan, aligned with National Development Strategy 2 and Education 5.0. The strategy places greater emphasis on academic innovation, technological transformation and human capital development as Zimbabwe seeks to build a more modern and value-added mining sector.

Technology is consequently becoming a bigger part of the school’s training model. ZSM has made progress in developing a MineTech Innovation Lab, where students are being introduced to artificial intelligence, robotics, digital mining systems and advanced data analytics, technologies that are increasingly influencing exploration, mine planning and mining operations.

The technology push is being supported by upgrades to the school’s practical facilities. Its mechanical and analytical laboratories are undergoing modernisation through the acquisition of new equipment, while specialised ICT machinery donated by the Mineral Marketing Corporation of Zimbabwe is expected to further strengthen practical training and research.

The same emphasis on practical, industry-relevant skills extends to mineral beneficiation. ZSM has established a gemstone cutting and polishing training centre and expanded specialised programmes in gemology, foundry technology and mine management, giving students exposure to areas beyond conventional mining disciplines.

These investments are aimed at positioning training closer to the needs of an industry that is increasingly demanding specialised technical skills, digital capabilities and expertise across the mineral value chain.

That focus is also reflected in ZSM’s growing engagement with government, mining companies, development organisations and academic institutions, with partnerships providing opportunities for research, innovation, staff development and student exposure.

Together, the Inyathi Experimental Mining Project, the planned Gold Service Centre and the school’s investments in technology and beneficiation are broadening ZSM’s role from a conventional mining training institution into a platform for practical skills, applied research and innovation as Zimbabwe pushes towards a more competitive and value-added mining sector.

One of the country’s leading bullion producers, Caledonia Mining Corp, has lowered its 2026 capital expenditure forecast by 42% to $103.3 million, citing clearer visibility on the timing of deposits for long-lead equipment at its Bilboes project in Zimbabwe, Mining Zimbabwe can report.

By Ryan Chigoche

The $75.6 million reduction comes as the gold producer redirects spending towards its Blanket Mine in Gwanda, where output is recovering from a weak start to the year.

The Victoria Falls, New York and London-listed company cut planned growth capital for Bilboes to $48 million from $132.1 million.

Sustaining capital at Blanket was increased to $48 million from $43 million, with an additional $3.5 million allocated to growth initiatives at the same operation. Exploration spending at the Motapa project was maintained at $3.8 million.

Management said the revised programme does not reflect any change to Bilboes’ timetable, scope or overall cost. Rather, it stems from a better understanding of when deposits for long-lead equipment are due, based on ongoing procurement activity.

“The reduction in the planned capital expenditure at Bilboes does not reflect any change in the project timetable, scope or costs,” the company said in its second-quarter results. “It reflects a better understanding of the timing of deposits required for long-lead-time equipment, which continues to emerge from the ongoing procurement programme.”

Production Recovery

The capital reset arrives alongside a stronger second-quarter performance, with surging gold prices offsetting an 18% year-on-year production decline at Blanket.

Profit after tax climbed 27% to $30.02 million from $23.60 million in the same period last year, while revenue increased 16% to $75.9 million from $65.3 million, largely driven by a higher realised gold price.

Turning to operational metrics, Blanket produced 17,360 ounces during the quarter, down from 21,070 ounces a year earlier. Yet output rose 18% compared to the first quarter of 2026, signalling early momentum in the company’s recovery strategy.

This improvement reflects three key operational changes: better access to higher-grade mining zones, the completion of an elution plant upgrade and the introduction of a seven-day working week. The new shift schedule is anticipated to boost ore processing by approximately 200 tonnes per day starting in September.

Financial metrics similarly improved, with earnings before interest, tax, depreciation and amortisation rising 16% to $45.8 million from $39.5 million, while net cash from operating activities edged up to $28.4 million from $28.1 million.

Exploration and Cost Pressures

While Caledonia advances exploration across its portfolio, cost pressures continue to weigh on the company’s near-term profitability.

Drilling at Motapa has confirmed mineralisation over approximately six kilometres of strike, with a maiden resource estimate expected later this year. At Blanket, the K-Pits programme has identified significant oxide and sulphide mineralisation near existing operations, which could provide a new near-term mining opportunity.

First-half costs remained elevated, partly due to non-operating items, including US$3.2 million in employee trust dividend payments, US$4 million in advisory fees from the convertible bond issue and US$3.2 million in additional government royalties tied to higher gold prices. Sustaining capital expenditure also rose, reflecting ongoing infrastructure and workforce investments.

Management maintained full-year on-mine cost guidance of US$1,600-US$1,800 per ounce, while all-in sustaining costs are expected to be between US$2,500 and US$2,700 per ounce. The higher AISC guidance reflects increased sustaining capital aimed at boosting production from 2027 onwards, with further details expected towards year-end.

The company faces a balancing act between investing for future growth and managing near-term cost pressures, although the strong gold price environment provides some cushion.

Safety Performance and Outlook

Beyond the production and profit gains, Blanket achieved a record safety performance during the quarter, with approximately 395 consecutive days without a lost-time injury and more than 5.4 million injury-free man-hours logged, according to Chief Executive Mark Learmonth.

The operational measures implemented to enhance mine flexibility and ore availability are beginning to bear fruit, Learmonth said. The June introduction of a seven-day working week represents a significant milestone, with the company expecting to process an additional 200 tonnes of ore per day from September. Combined with the elution plant upgrade completed earlier this year and continued progress in accessing higher-grade material, Caledonia anticipates further production strengthening in the second half of 2026.

The favourable gold price environment, coupled with these operational improvements, lifted quarterly revenue to $75.9 million and profit after tax to $30 million, while bolstering the company’s cash reserves.

Caledonia affirmed that it remains well positioned to finance growth initiatives at both Bilboes and Blanket while sustaining its dividend programme for shareholders.