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ZPC defends coal’s role as Zimbabwe’s baseload for the next 200 years

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Zimbabwe has sufficient coal reserves to sustain power generation for more than 200 years, making the resource indispensable to the country’s energy mix despite the global push for renewables, the Zimbabwe Power Company’s Acting Managing Director has said.

By Rudairo Mapuranga

Engineer Fannie Mavhondo told the Chamber of Mines Annual Conference’s Coal, Oil and Gas Symposium that ZPC’s numbers show the resource remains abundant, with further exploration still underway.

“Our view at ZPC is that the resource is affordable. Our numbers show that we believe over 200 years of mining are still with us in terms of the availability of the resource,” Mavhondo said. “It was over 150, so we are aligned in terms of how much is still available, and more is still being explored.”

Zimbabwe has an estimated 26 billion tonnes of coal reserves, with the Hwange area holding large deposits of both coking and thermal coal. Worldometer has previously estimated the country has about 163 years of coal left at current consumption levels, excluding unproven reserves.

Renewables cannot stand alone

Mavhondo pushed back against the notion that coal can be replaced by renewable energy, arguing that solar and wind cannot provide the baseload stability required by an industrialising economy.

“We recognise that the availability of renewables does not allow for 100% use,” he said. “Renewables can’t stand on their own. There is no solar at night. Battery storage is still through the roof. It’s not something that is sustainable.”

He noted that countries which have attempted to rely heavily on renewables have “faced the wrath of an unstable grid, and it has not been sustainable.”

ZPC’s position is clear: coal and renewables are not mutually exclusive. “We need to grow this energy mix. We are recognising that we need coal, and we need to infuse renewables,” Mavhondo said.

New technology, decarbonisation efforts underway

Mavhondo acknowledged that the industry must improve efficiencies and decarbonise by introducing new technology. The commissioning of Hwange Units 7 and 8—which generate 335 megawatts each, for a total of 670 MW—came with advanced emission-control systems. The plant includes a flue gas desulphurisation unit that captures sulphur dioxide emissions using limestone, producing gypsum as a by-product sold to cement manufacturers. Low-NOx burners have also been installed to minimise nitrogen oxide emissions.

“We are putting in limestone to manage the emissions, and we are also improving and rehabilitating Units 1 to 6 to make sure we manage the emissions,” Mavhondo said.

Originally commissioned between 1983 and 1989, Hwange Units 1 to 6 have a combined capacity of 920 MW but have recently generated only 300 MW to 500 MW due to age-related mechanical failures. A US$450 million rehabilitation agreement with Jindal Steel and Power, signed in December 2025, will operate under a Rehabilitate, Operate and Transfer model, with physical refurbishment works expected to start in the first quarter of 2026. The refurbishment is expected to add 400 MW to national output within 48 months.

“We are calling it future-ready in terms of Units 1 to 6,” Mavhondo said. “We are pushing for new technology to come in.”

Tariff structure broken, the regulator must intervene

Mavhondo identified the electricity tariff structure as a fundamental problem, arguing that the regulator focuses only on the end-user tariff without managing the parameters that build it up.

“If our regulator is only looking at the end tariff, but not managing the parameters that have to build it up, we have got this problem,” he said.

He called for a comprehensive review of the entire value chain—from coal to power to the client—to determine appropriate tariffs at each stage. “We need to determine the appropriate tariff at each stage, so that the price of coal is determined, then the generation tariff before it goes to ZETDC, and then the tariff for the various categories of our clients in the economy.”

He described ZESA as “a child who is between a rock and a hard surface,” caught between unpaid bills from local authorities and critical institutions, and the obligation to pay coal producers for their supplies.

“A lot of money owed to ZETDC will incapacitate ZETDC from paying ZPC,” he said, pointing to unpaid debts from water supply infrastructure, local authorities, hospitals and critical security institutions.

Mavhondo warned that without coordinated planning at the government level, Zimbabwe could face a boom-and-bust cycle as multiple coal producers rush to develop their own power plants. He noted that previous speakers had projected 15 coal-fired power plants in the next decade.

“If we are to survive, if we say ZPC only takes from two or three miners, it means the rest may want to go into coal power plants as well or any other alternative. So you may see a boom again on the other side, which creates a deficit on the other,” he said.

“There is alignment at the planning level, at the level of government, to say how many coal stations or special plants do we issue, for what level of production, to generate how much power, and where the offtake is. All that analysis would make every project bring a boom, and it can be supported.”

Alongside coal projects, Mavhondo said, “you can then have the renewables that maintain a level that shows that we are not just coming up with… we are trying to decarbonise the grid in terms of the total energy that is being supplied.”

ZPC’s position reflects the broader reality of Zimbabwe’s energy landscape: coal remains the bedrock of power generation, with more than 50% of baseload power supplied by Hwange’s thermal units. The challenge, as Mavhondo framed it, is not whether to use coal, but how to use it more efficiently, more cleanly, and in a way that ensures the entire value chain—from miner to consumer—remains sustainable.

MMCZ Pledges to Maximise Lithium Value as Zimbabwe’s Sole Marketing Agent

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The Minerals Marketing Corporation of Zimbabwe (MMCZ) has reaffirmed its commitment to ensuring that Zimbabwean lithium producers secure maximum value for their products as the country accelerates its beneficiation drive under the theme “Unlock Value, Maximise Benefit, Sustain Growth”, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at the Chamber of Mines of Zimbabwe Annual Conference Lithium Symposium, MMCZ General Manager Dr Nomsa Moyo outlined the Corporation’s pivotal role in marketing the country’s lithium output, finding international markets, and safeguarding national revenue interests.

Established through an Act of Parliament [Chapter 21:04] in March 1983, MMCZ serves as the sole marketing and selling agent for all minerals produced in Zimbabwe, with the exception of gold and silver. The Corporation falls under the Ministry of Mines and Mining Development.

Dr Moyo described MMCZ’s role as a “balancing act”, ensuring producers achieve maximum profits while the nation secures maximum revenue from its mineral resources. This dual mandate is enshrined in the MMCZ Act, which tasks the Corporation with encouraging local beneficiation, advising the Minister on mineral marketing matters, and investigating marketing conditions both domestically and internationally.

Market Development and Pricing

Dr Moyo assured lithium producers that MMCZ has the necessary expertise to find markets in Europe, Asia and beyond. She emphasised that producers are at liberty to sell to whomever they choose, but MMCZ exists to ensure they achieve the maximum possible value.

“Producers are at liberty to sell to whoever they want to sell to. But at MMCZ, we are there to ensure that they sell the product at the maximum value that is possible,” she said.

To determine competitive prices, MMCZ uses commodity intelligence firms to benchmark prices against global competitors. The Corporation also advises producers on the best available markets and conducts ongoing market intelligence and research.

End-to-End Contract Oversight

MMCZ’s involvement extends across the entire export value chain, from contract negotiation to final payment verification. The Corporation processes all export documentation and negotiates contracts to minimise issues such as transfer pricing, under-invoicing and under-declaration.

“We are involved from the mine to the market,” Dr Moyo stated.

The Corporation consolidates cargo from various producers to help small-scale miners achieve economies of scale, negotiates logistics contracts, arranges warehousing, and handles export clearance for all minerals except gold and silver. MMCZ also plays a crucial role in quality control, conducting assays and inspections to ensure the integrity of mineral exports.

Fighting Mineral Leakages

MMCZ was originally established in part to curb mineral smuggling and transfer pricing. Today, the Corporation works alongside other government agencies to prevent the illegal export of minerals. Its Inspectorate Department, established in July 2010, ensures effective monitoring of mineral movements.

The scale of the challenge is significant. Zimbabwe is estimated to lose up to US$15 billion annually through illicit financial flows. MMCZ has deployed border inspection teams to Forbes and Beitbridge to strengthen anti-smuggling efforts.

Dr Moyo has previously laid out the stark arithmetic driving Zimbabwe’s beneficiation push. Raw lithium ore sells for US$30–50 per tonne; spodumene concentrate fetches US$150–300 per tonne; while battery-grade lithium hydroxide commands US$18,000–22,000 per tonne. At the manufacturing stage, lithium batteries themselves have a value per tonne equivalent of between US$50,000 and US$80,000.

“We are just getting US$250 per metric tonne. Getting two steps ahead, we are talking of US$22,000 per metric tonne,” she said.

The February 2026 suspension of raw mineral and lithium concentrate exports has reshaped the sector. While the ban initially cost MMCZ approximately US$462,000 per month in commission revenue, Dr Moyo has characterised this as “deferred rather than lost revenue” as the country transitions to higher-value processed mineral exports.

The results have been striking. In the first quarter of 2026, Zimbabwe sold 240,826 tonnes of lithium worth US$178.64 million, a 2% increase in volume but a 106% surge in value year on year. Total mineral sales reached 1.29 million tonnes worth approximately US$983.85 million.

Beyond marketing, MMCZ offers regulatory and advisory services on beneficiation and value addition opportunities. The Corporation’s 2024 strategic plan aligns with the National Development Strategy 1’s objectives of promoting value addition, accounting for mineral resources, and increasing revenue.

Dr Moyo has framed the beneficiation agenda not merely as a matter of national accounts but as a development imperative for mining communities.

“Think of the Zimbabwean in the rural area, the benefit that they will derive. US$300 per metric tonne versus US$22,000 per metric tonne. That’s the loss that we are incurring as a country,” she said.

She has also highlighted the employment benefits: “If you look at mining, you are limiting your employment levels. But if you go right up to value addition, you are enhancing the level of employment as well as industrial development.”

Technology transfer and capacity building represent additional benefits.

Dr Moyo concluded by emphasising that MMCZ exists to ensure all minerals from Zimbabwe, except gold and silver, are fully accounted for, benefiting both investors and the nation.

“We do that balancing act as MMCZ,” she said.

As Zimbabwe forges ahead with its beneficiation agenda, the message from the country’s sole minerals marketing agent was clear: value, not volume alone, must drive the sector’s future, and MMCZ stands ready to ensure that every Zimbabwean benefits from the nation’s mineral wealth.

Zimbabwe’s Ministry of Mines and Mining Development rebrands

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The Ministry of Mines and Mining Development has rebranded and unveiled its new corporate logo.

The rebranded logo was officially launched by the Minister of Mines and Mining Development, Dr. Eng. Polite Kambamura, who was joined by Deputy Ministers and senior Ministry directors during the unveiling ceremony.

According to the Ministry, the new design incorporates key mining and industrial symbols that represent the sector’s strategic role in national development.

The new Ministry of Mines and Mining Development logo is shown below.

ministry of mines and mining development zimbabwe new logo
ministry of mines and mining development zimbabwe new logo

RioZim’s Renco Mine stages stunning 1,433% gold production recovery

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RioZim, the embattled Zimbabwean mining group, has reported a dramatic production recovery at its Renco Mine, with gold output surging to 92 kilograms in the first quarter of 2026 from just 6 kilograms in the same period last year, Mining Zimbabwe can report.

By Ryan Chigoche

The increase marks the strongest sign yet that the company is clawing its way back from a difficult 2025, when total group gold output fell to 84 kilograms.

The company’s struggles were well documented, with borrowings ballooning to ZiG455.3 million and auditors raising concerns about its ability to continue as a going concern. The Cam & Motor Mine was rendered completely idle for much of last year, while Renco limped through an extended shutdown.

That picture has shifted dramatically in recent months. Renco’s recovery can be traced to a September 2025 restart under a contract mining agreement with Chinese contractor FeiFan Mining.

The partnership has brought renewed efficiency and consistency to the operation, allowing production to ramp up steadily over the past nine months. The mine is now operating at levels not seen since before its troubles began.

Encouragingly, the broader group has also shown improvement. RZM Murowa, the company’s diamond operation, saw production jump to 45,606 carats from 2,745 carats in Q1 2025.

Meanwhile, Cam & Motor, which recorded no production in the first quarter due to extensive dewatering and plant refurbishment, poured its first gold on 2 June. Management is now focused on bringing the Kadoma-based operation to full capacity, which would see RioZim operating two flagship gold mines simultaneously for the first time in years.

The operational recovery comes at an opportune moment. Gold prices have surged 70% year on year, rising from US$2,861 per ounce in Q1 2025 to US$4,873 per ounce in Q1 2026. With prices now hovering near US$5,000 per ounce, the improved production volumes are generating far stronger revenues than would have been possible just a year ago. This price tailwind has dramatically improved the economics of every ounce mined, providing RioZim with much-needed cash flow.

Still, significant hurdles remain. The Empress Nickel Refinery continues to be held under care and maintenance, while power supply deficits pose ongoing risks to mining growth. Diamond prices remain subdued, and high borrowing costs make long-term reinvestment difficult. But with Renco firing on all cylinders and Cam & Motor now back online, management believes RioZim is well-positioned to return to profitability. The company is also looking to revive exploration activities, suggesting confidence that the recovery can be sustained.

Zimbabwe could rival Australia’s 300ton gold output if exploration improves

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ZIMBABWE’S gold potential is being left largely untapped, with the country’s 46 tonnes of annual production dwarfed by the 300 tonnes achieved by geologically identical terrain in Western Australia, a gap that represents billions of dollars in lost opportunity, Geological Survey of Zimbabwe Director Forbes Mugumbate has said.

By Rudairo Mapuranga

Speaking at the Chamber of Mines Gold Symposium, Mugumbate delivered a compelling case for why Zimbabwe should be producing far more gold, drawing on striking geological parallels between the Zimbabwe Craton and Australia’s Yilgarn Craton.

“In 1980, the production was almost the same, averaging 30 tonnes per year, Zimbabwe Craton and Yilgarn, the same, because the geology is almost the same,” Mugumbate said.

“From a geological perspective, we think these two cratons were one super-craton that then separated in geological time. Geology has no boundaries. There’s no reason why our geological environment cannot be producing as much as what is being produced.”

46 tonnes versus 300 tonnes

Fast forward to 2025, and the picture could not be more different. Zimbabwe produced 46.7 tonnes of gold, while the Yilgarn Craton, home to Western Australia’s legendary goldfields, produced an estimated 300 tonnes.

“So you can see now the difference. From 1980, the same production, through to 2025, 300 tonnes versus 46 tonnes,” Mugumbate said.

“All I can say is that that difference shows the potential that Zimbabwe has. Between 300 tonnes and 46 tonnes, it’s potential. We need to pursue that potential.”

The geological connection is well documented. Paleogeographic reconstructions show that around 2.6 billion years ago, the Zimbabwe Craton and Australia’s Yilgarn Craton were likely part of the same Archean super-craton, known as the Zimgarn Craton. The two cratons share striking geological similarities, hosting the same tectonic histories, geological settings and granite-greenstone lithostratigraphy.

Little exploration over two decades

Mugumbate lamented that Zimbabwe has seen very little exploration over the past two decades, leaving the country chronically underexplored despite its rich mineral endowment.

“Zimbabwe is underexplored—we have had so many politicians talk about Zimbabwe being underexplored, NDS1, NDS2,” he said.

He noted that President Mnangagwa’s 2017 declaration at Davos that “Zimbabwe is open for business” should have catalysed exploration activity, but the necessary groundwork and preparation have not materialised.

Ancient mines and greenfields potential

The Geological Survey Director pointed out that exploration has largely been confined to areas around ancient mines discovered before the 6th century.

“The ancients had discovered more than 5,000 gold deposits. And exploration has been going around these. We’ve just been rediscovering some of these,” he said.

This leaves vast areas untouched. Mugumbate noted that only a few greenfields discoveries have been made in recent decades, citing Maligreen and Dokwe as rare examples of previously unknown gold areas.

“Right now, we’ve only discovered Maligreen and Dokwe. These are probably the only gold mines that have been discovered in what were previously greenfields,” he said.

“So it means, again, there’s potential for lots of greenfields—areas that we never used to know as gold areas are potentially now becoming known for gold. These are, again, areas for exploration. Non-traditional exploration areas.”

The missing middle

Mugumbate also highlighted a significant gap in Zimbabwe’s mining sector between thousands of artisanal miners and a few large-scale operations.

“In Zimbabwe, we have only a very few big mines. There are thousands of artisanal miners and a gap between these,” he said.

“We need a continuous line that joins up the artisanal miners to the biggest mine. So this gap simply means that most of these small mines should be explored to join up the mine-size gradient between the very small mines. Again, it’s a sign of great potential.”

Mugumbate concluded with an unambiguous message: Zimbabwe has the geology, the history and the potential to rival the world’s best gold-producing regions.

“Given the right environment, there’s really lots of potential for the discovery of gold mines in Zimbabwe,” he said.

Zimra Unveils Lithium Tax Incentives, Tightens Enforcement

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The Zimbabwe Revenue Authority (Zimra) has detailed a suite of tax incentives for lithium miners while unveiling an aggressive digitalisation drive to clamp down on revenue leakage, as the government pushes to capture greater value from the country’s critical mineral resources, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at the Chamber of Mines of Zimbabwe Annual Mining Conference and Exhibition, held under the theme “Unlock Value, Maximise Benefits, Sustain Growth”, Zimra Domestic Taxes Regional Manager for Bulawayo, Mr Lisani Dube, outlined the tax regime governing the rapidly expanding lithium sector.

The conference comes as Zimbabwe’s mining industry projects foreign currency earnings of more than US$7 billion this year, up from around US$4 billion in 2025. Lithium output surged by 54% in the first quarter of 2026, with exports anticipated to reach US$700 million.

Tax Incentives for Mining Operations

Dube highlighted several provisions designed to encourage investment and beneficiation:

Special Mining Leases: An additional capital allowance is triggered when a project’s internal rate of return exceeds 15%. Holders of special mining leases are taxed at a special rate of 15%.

100% Capital Allowances: Full deductions are permitted in the year of assessment through the Special Initial Allowance (SIA).

Immediate Deductions: Exploration, development and shaft-sinking costs are immediately deductible.

Loss Carry-Forward: Assessed losses from mining operations may be carried forward indefinitely—a significant advantage over the six-year limit applicable to other entities.

Lithium Royalties: Set at 7% of gross market value, with half payable in physical refined mineral and the other half in the currency of trade. Despite exporting 1.5 million tonnes of lithium in 2025, generating US$571.6 million, the government received only approximately US$40 million in royalties.

Taxes must be paid in US dollars, in accordance with the Finance Act provisions.

Capital Gains Tax Framework

Dube also clarified the capital gains tax regime for mining assets:

Standard CGT is imposed at 20% on assets acquired after 2021, while 5% applies to assets acquired prior to 31 December 2020.

Listed marketable securities incur a reduced rate of 1% or 1.5% withholding tax.

Special Mining Capital Gains: Disposal of mining claims is treated as ordinary income, not capital gains, attracting normal income tax at preferential rates.

Indirect Transfers: Where an offshore parent company owning a Zimbabwean lithium asset is sold, the transaction triggers local tax liability.

Group Sales Relief: CGT is deferred on transfers between 100%-owned subsidiaries through a rollover mechanism. Tax payable by the transferring company is rolled over to the recipient until it eventually disposes of the asset.

Transfer of ownership at the Ministry of Mines requires a valid tax clearance certificate from Zimra.

Digitalisation Drive

Dube outlined Zimra’s key digital initiatives:

Tax and Revenue Management System (TaRMS): An integrated digital platform for taxpayer registration, filing, payment and compliance management, enabling risk-based monitoring across the mining value chain.

Fiscalisation Data Management System (FDMS): Enables real-time electronic transmission of transactional data to Zimra.

Virtual Fiscal Devices: Allow integration between taxpayer systems and Zimra platforms, improving transaction visibility and reducing under-declaration opportunities.

Zimra has also deployed artificial intelligence-enabled risk engines to cross-reference customs data, transfer pricing documentation, financial statements, banking flows and corporate group structures. The AI initiative forms part of a five-year transformation strategy launched in 2025. Companies flagged as high risk face backdated tax assessments, penalties, interest charges and potential criminal investigations.

The enforcement drive has sparked tensions. The Zimbabwe National Chamber of Commerce has warned that aggressive audits are increasing cost pressures, with some firms facing multiple audits within months.

The 10% Beneficiation Tax Controversy

Dube’s presentation did not directly address the ongoing dispute over the 10% beneficiation tax on lithium concentrates, an issue that has created significant friction between producers and Zimra.

The government and Zimbabwe Lithium Exporters had reportedly agreed that the tax would only take effect once local processing plants were operational, effectively deferring collection until 2027. However, Zimra has already begun enforcing the tax.

Producers argue this premature enforcement undermines ongoing investments in local processing infrastructure. The Chamber of Mines, with the support of the Minister of Mines, is engaging the Minister of Finance on the matter.

The taxation debate is further complicated by royalty calculations. The Chamber and the Minister of Mines have held meetings with the Minister of Finance to resolve concerns, with agreement in principle that royalties should be levied on lithium concentrates rather than the more expensive refined lithium carbonate.

Broader Context: Export Ban and Beneficiation Push

The tax discussions unfold against a backdrop of sweeping policy changes. On 25 February 2026, Mines Minister Dr Polite Kambamura suspended all raw mineral and lithium concentrate exports with immediate effect. The ban was driven by evidence of widespread under-declaration of mineral content, under-evaluation of exports and transfer pricing practices that have systematically stripped value from Zimbabwe’s lithium sector.

In April 2026, the Minister issued an 11-point directive outlining conditions for the ban’s removal, including:

  • Lithium sulphate plants operational by 1 January 2027
  • A 10% beneficiation tax on all concentrate exports
  • Assay laboratories at each producing mine within three months
  • Monthly progress reports to a ministerial committee

The government is transitioning the industry towards local beneficiation, with four major lithium sulphate plants expected to be operational by late 2026. Prospect Lithium Zimbabwe’s US$400 million sulphate plant in Goromonzi is already complete and is expected to produce 50,000–60,000 tonnes annually.

Dube outlined the Authority’s four key commitments:

  1. Facilitating voluntary compliance through taxpayer education and digital transformation.
  2. Promoting fairness and certainty in tax law administration.
  3. Strengthening collaboration with industry and other stakeholders.
  4. Combating tax evasion and other forms of illicit financial flows.

Industry Expectations

Zimra encouraged industry players to register for all applicable taxes, maintain proper accounting records, adopt transparent pricing mechanisms, make timely disclosures, and engage proactively with the Authority.

“Compliance is a shared responsibility. The government and the industry must work together,” Dube said.

‘Volume Without Value’ Era Over as Zimbabwe Forges Lithium Beneficiation Path

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Mines and Mining Development Minister Dr Polite Kambamura has delivered a stern message to the lithium mining industry: the era of prioritising volume over value is over, as Zimbabwe accelerates its push to transform mineral wealth into industrial capacity, jobs and sustainable national prosperity, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking as guest of honour at the Chamber of Mines of Zimbabwe Annual Conference, held under the theme “Unlock Value, Maximise Benefit, Sustain Growth”, Dr Kambamura told delegates that the central challenge facing the country is no longer whether Zimbabwe is mineral-rich. “That question was settled long ago by geology, production and history.” The real challenge, he said, is “whether we can transform our mineral endowments into industrial capacity, jobs, exports, infrastructure, technology and sustainable national prosperity”.

‘Volumes Without Value’

In a pointed remark directed at the lithium sector, the Minister expressed frustration with the current export model.

“I am worried about volumes without value,” Kambamura said. “I would rather work with small volumes of high value. Volumes and values should be knitted together.”

The warning comes as data shows Zimbabwe exported more than 1.1 million tonnes of spodumene concentrate in 2025, mostly to China. While mining now contributes 14.3% of GDP, the Minister argued that raw exports alone cannot deliver the infrastructure and industrial development the country needs.

“We cannot build a railway, we cannot build industries, we cannot build infrastructure by exporting concentrates,” he stressed.

Dr Kambamura hailed the recent shipment of battery-grade lithium sulphate by Prospect Lithium Zimbabwe as a “historic milestone not only for Zimbabwe, but for Africa as a whole”.

In April 2026, Zimbabwe shipped the continent’s first-ever consignment of lithium sulphate, a high-value battery material, from the Arcadia lithium mine near Harare. The shipment came from a US$400 million processing plant commissioned by Zhejiang Huayou Cobalt, marking the first time a lithium salt has been produced on the African continent.

“It demonstrates that beneficiation is achievable where policy certainty, investment commitment and government support converge,” Kambamura said.

The milestone follows the government’s February 2026 suspension of all raw mineral and lithium concentrate exports, a policy shift aimed at promoting transparency, in-country value addition and accountability. The ban has since triggered a wave of investment, with commitments reaching nearly US$1 billion in domestic processing infrastructure. Major producers, including Huayou’s Prospect Lithium Zimbabwe and Sinomine’s Bikita Minerals, have committed approximately US$700 million and US$500 million respectively towards lithium sulphate processing facilities.

The Smuggling Threat

The Minister also declared an “uncompromising war” on mineral smuggling, warning that illicit exports of gold, lithium and diamonds are bleeding the economy of critical foreign currency, state revenue and jobs.

“A tonne of lithium smuggled out of the country, a carat of diamond exported illicitly, that is revenue lost and jobs exported,” Kambamura said.

The scale of the problem is staggering. Zimbabwe is estimated to lose up to US$15 billion annually through illicit financial flows, exceeding the government’s entire US$12 billion mining sector target. A 2025 report by the Global Initiative Against Transnational Organised Crime described Zimbabwe’s mineral leakages as “industrial-scale looting” involving “a complex web of criminal syndicates, state-embedded actors and private-sector entities”.

Lithium smuggling networks reportedly exploit porous borders through mislabelled shipments, forged customs documents and bribes paid to border officials. In one case, a truck driver carrying a sealed container he believed held chrome was impounded after inspectors discovered raw lithium inside, an illegal export under Zimbabwean law.

An undercover investigation by Oxpeckers in April 2025 exposed a transnational lithium smuggling ring moving ore through South Africa and Mozambique. The investigation highlighted a startling anomaly: South Africa, which has minimal domestic lithium production, recorded a 147,000-tonne surge in lithium ore exports to China in 2024, pointing directly to Zimbabwe as the source.

Kambamura framed Zimbabwe’s beneficiation push within the broader context of global geopolitical shifts. He noted that “the new norms shaped by global geopolitics require resilience, which is no longer an option but a strategic necessity”.

“Global financing systems are navigating economic turbulence, digital disruption, geopolitical risk and climate-related shifts,” he said. “To remain relevant, governments need to come up with deliberate and timely policy interventions to recover from such global shocks.”

The Minister’s address comes as Zimbabwe’s mining industry projects foreign currency earnings of more than US$7 billion this year, up from around US$4 billion in 2025. Lithium exports alone are anticipated to reach US$700 million in 2026, with output expected to increase to 3 million tonnes from around 2.5 million tonnes in 2025.

Dr Kambamura outlined the government’s beneficiation strategy as founded on “a simple principle: local value creation beyond extraction”. In the lithium subsector, he said the government has “progressively moved from restricting raw ore exports toward promoting downstream processing”, with the objective of developing local capacity in lithium sulphates, lithium carbonates and other high-value products that can position Zimbabwe within global battery mineral value chains.

“The lesson is clear: value, not volume alone, must drive our future mining sector,” he said.

The conference, which capped attendance at 500 delegates despite overwhelming demand, featured five thematic symposiums covering ESG and sustainability, gold, platinum group metals, lithium and critical minerals, and coal, oil and gas. Beyond Kambamura, the Chamber invited the Finance Minister, the Energy Minister and the Governor of the Reserve Bank of Zimbabwe to address policy levers critical to the sector.

As Zimbabwe forges ahead with its beneficiation agenda, the Minister’s message was clear: the country’s mineral wealth must translate into tangible industrial development—or risk being exported along with the ore itself.

Gold buying prices in Zimbabwe per gram/ ounce, 26 June 2026

Gold buying prices in Zimbabwe per gram/ ounce, 26 June 2026, from the official gold buyer and exporter, Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice (US$/g)Price (US$/oz)
SG 90% and Above120.603,751.08
SG 85% but Less Than 90%119.333,711.58
SG 80% but Less Than 85%118.053,671.77
SG 75% but Less Than 80%116.783,632.27
Sample (5–10 g)114.863,572.55
Fire Assay (Cash)121.243,770.99

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.


#GoldPrices #GoldBuying #GoldMarket #GoldTrading #GoldRate #GoldPriceToday #GoldNews #PreciousMetals #GoldIndustry #GoldEconomy #FidelityGoldRefinery

Murowa diamond production roars back with 1,561% surge in Q1 2026

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In a significant turnaround for Zimbabwe Stock Exchange-listed mining house RioZim Limited, its diamond associate, RZM Murowa, recorded a sharp production increase in the first quarter of 2026, with output rising to 45,606 carats from 2,745 carats in the same period last year,Mining Zimbabwe can report.
By Ryan Chigoche
The production surge marks a dramatic reversal for Murowa, which had been one of RioZim’s most troubled assets. The Q1 2026 breakthrough follows a strategic pivot: after an extensive exploration programme, the mine commenced in-pit mining activities specifically targeting higher-grade ore to counter adverse market conditions and improve operational efficiency.
This comes as the group’s gold operations also surged in the same quarter, with Renco Mine gold output rising to 92 kilograms from just 6 kilograms in Q1 2025, while Cam & Motor resumed production in May following the completion of pit dewatering—driving a broader group recovery.
The production surge marks a dramatic reversal for Murowa, which had been one of RioZim’s most troubled assets.
In 2024, the mine’s plant throughput collapsed by 47%, primarily due to the entire heavy mobile equipment fleet passing its economic life, leading to persistent breakdowns. Carat production fell 13% to 359,000 carats, down from 414,000 the previous year, forcing management to decommission all heavy equipment and rely on hired machinery.
The operational crisis translated into a significant financial loss for RioZim’s associate. RioZim’s full-year 2025 abridged report confirmed a “challenging year” for Murowa, with diamond production declining by 58%.

Diamond Market Headwinds and Recovery Signs

The production gains come against a mixed global diamond market backdrop. International diamond prices fell by 9.7% in Q4 2025 year-on-year, pressured by US trade tariffs on India a key processing hub and geopolitical instability in the Middle East. India imports around 70% of its diamonds from the UAE and Israel, creating supply chain vulnerabilities.
However, industry experts at Kept predict a potential recovery in 2026, driven by contracting output from leading players, depleting deposits, and renewed marketing campaigns for natural stones.
Russian giant Alrosa also forecasts price stabilisation, noting that demand for larger stones (over 5 carats) rose 4-6% in March 2026, while US retailer Signet Jewelers reported revenue growth of 1.6%.

RioZim’s Broader Restructuring

The production uptick comes as RioZim navigates a perilous financial position. Auditors Forvis Mazars have raised “material uncertainty” over the company’s ability to continue as a going concern, with current liabilities exceeding current assets by approximately ZiG2.93 billion. The group is pursuing a restructuring plan that includes disposing of its 22.2% stake in Murowa Diamonds and other assets to settle a US$60.8 million debt though the plan faces legal challenges from a shareholder seeking corporate rescue proceedings.
For now, Murowa’s Q1 performance, together with the stellar recovery at Renco and the resumption of operations at Cam & Motor in May offers a glimmer of hope, proving that even amid corporate turmoil and a volatile market, operational focus on grade improvement can deliver striking results.

Gold buying prices in Zimbabwe per gram/ ounce, 25 June 2026

Gold buying prices in Zimbabwe per gram/ ounce, 25 June 2026, from the official gold buyer and exporter, Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice (US$/g)Price (US$/oz)
SG 90% and Above120.393,744.55
SG 85% but Less Than 90%119.123,705.05
SG 80% but Less Than 85%117.843,665.23
SG 75% but Less Than 80%116.573,625.73
Sample (5–10 g)114.663,566.32
Fire Assay (Cash)121.033,764.45

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.


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