Mining ZimbabweLatest Mining News, Policy and Industry Updates

When some South Africans speak about Zimbabwe, the narrative is often one of a failed state that offers nothing but desperate migrants and economic chaos. But the trade and mining data tell a dramatically different story, one in which South Africa extracts billions of dollars from Zimbabwe’s mining sector while offering comparatively little in return.

By Rudairo Mapuranga

This article examines the deeply one-sided economic relationship between the two neighbours, focusing on how South African companies, suppliers, and service providers capture the lion’s share of value from Zimbabwe’s mineral wealth.

The Numbers Don’t Lie: A US$3.8 Billion (R62.4 billion) Import Bill

In 2025 alone, Zimbabwe imported goods worth US$3.804 billion (R62.4 billion) from South Africa, according to the United Nations COMTRADE database via Trade Map. This represents a steady increase from US$3.697 billion (R60.75 billion) in 2024 and US$3.499 billion in 2023.

To put this in perspective, Zimbabwe imports roughly US$7 from South Africa for every US$1 it exports to South Africa. South Africa’s imports from Zimbabwe in 2025 stood at just US$526.42 million (R8.66 billion), according to UN COMTRADE data.

South Africa is the largest source of Zimbabwe’s imports, consistently accounting for 34.5% to 38.8% of Zimbabwe’s total monthly imports throughout 2025. In December 2025, South Africa supplied 38.8% of Zimbabwe’s imports, while China followed with just 15.5% and Bahrain with 13.5%. China, the second-largest source, supplies less than half of what South Africa does.

For the first seven months of 2025 alone, imports from South Africa dropped by over 6% to around US$2 billion (R32.87 billion), down from more than US$2.3 billion (R37.8 billion) during the same period in 2024, a reduction of more than US$140 million (R2.3 billion) as Zimbabwe’s manufacturing industry began to rebound. Despite this decline, South Africa remains Zimbabwe’s largest trading partner in the Southern African Development Community (SADC) region.

The key mining-related imports from South Africa in 2025 included machinery and mechanical appliances valued at US$526.57 million (R8.65 billion), mineral fuels and oils at US$252.51 million (R4.15 billion), and cereals at US$506.93 million (R8.33 billion). Machinery maintained its dominance among imports from South Africa, reflecting the mining sector’s continued reliance on South African equipment.

The Mining Sector: Where the Real Money Flows

According to the Zimbabwe Embassy, approximately US$2.1 billion (R34.5 billion) of the mining sector’s US$5.4 billion (R88.76 billion) revenue is spent on imported machinery, equipment, and services, mainly from South Africa. An Afreximbank report further revealed that 80% of Zimbabwe’s intra-African mining-related imports, totalling US$4.7 billion (R77.25 billion), originate from South Africa.

Yet Zimbabwe’s local manufacturing sector contributes only about 15% of the mining industry’s requirements. The remaining US$2.1 billion (R34.5 billion) in sector revenue leaves the country, much of it flowing directly into South African pockets.

South African Ownership of Zimbabwe’s PGM Sector

Zimbabwe holds the world’s third-largest platinum group metals (PGM) resource along the mineral-rich Great Dyke, after South Africa and Russia. Yet all three of the country’s operating PGM mines are majority-owned by South African companies.

Zimplats, Zimbabwe’s largest platinum producer, is 87% owned by South Africa’s Impala Platinum Holdings (Implats). In FY2025, Zimplats’ 6E production in matte fell by 6% to 606,300 ounces, down from 645,900 ounces in FY2024, driven primarily by poor fleet performance and the lock-up of concentrates during the commissioning of its expanded smelter complex. Despite the short-term decline, the smelter expansion represents a significant long-term investment in beneficiation and value addition in Zimbabwe, although the expanded smelter is expected to reduce reliance on toll treatment in South Africa over time.

Mimosa Mining Company is jointly owned by two South African giants, Impala Platinum (50%) and Sibanye-Stillwater (50%). In FY2025, Mimosa produced 253,900 ounces of 6E concentrate, a slight 1% decline from 255,400 ounces in FY2024. The dip was driven primarily by intermittent regional power disruptions that impacted plant throughput and recovery efficiency. The mine employs more than 1,400 workers directly and supports thousands more indirectly through supply chains.

Unki Platinum Mine is wholly owned by South African-headquartered Valterra Platinum (formerly Anglo American Platinum). Unki produced 219,700 ounces of PGM concentrate in 2025, representing approximately 7% of the group’s total concentrate output. However, the mine recorded an 8% year-on-year decline in production during Q3 2025, producing 57,500 ounces compared to 62,500 ounces in the same period of 2024, primarily due to lower ore grades.

Tharisa’s Karo Platinum Project is also setting up and is expected to be in production in the second half of 2027.

Overall, Zimbabwe’s platinum production is projected to have declined by approximately 4% in 2025 to 491,000 ounces, retreating from the record levels achieved in 2024, according to the World Platinum Investment Council.

It’s not just platinum but Gold too!

Namib Minerals, founded by South African mogul Mzi Khumalo, owns multiple gold mines in Zimbabwe, namely How Mine, Mazowe Mine (Jumbo) and Redwing Mine.

Currently, How Mine is the fourth-largest gold-producing mine in Zimbabwe after Freda Rebecca, Blanket Mine, and Eureka gold mines. With the addition of Redwing Mine and Mazowe Mine, Namib Minerals has the potential to become Zimbabwe’s largest gold producer if all its mining operations are successfully revived and brought back to full production.

South African-headquartered companies such as Caledonia Mining extract gold from Zimbabwe while basing their management and decision-making in Johannesburg.

Not to mention South Africans who are trading in the Chrome mining industry.

Jobs Exported: Where the Refining Happens

Beyond equipment and consumables, South Africa also captures the high-value refining and beneficiation jobs.

Zimplats dispatches its matte to Impala’s refinery in Springs, South Africa, under a life-of-mine agreement with Impala Refining Services. The expanded smelter at Zimplats produces matte that is transported to South Africa for refining.

The refinery jobs, tax revenues, and value addition, the highest-value stages of the mining value chain, accrue to South Africa, not Zimbabwe. While Zimplats’ US$398 million smelter expansion project is a step toward local beneficiation, the vast majority of Zimbabwe’s PGM output is still processed outside the country.

Another South African Export to Zimbabwe’s Mines

Zimbabwe’s mining sector is heavily reliant on imported electricity, and South Africa’s Eskom remains a major supplier.

In the first quarter of 2025, Zimbabwe’s electricity imports declined by 37.4% to 305.5 GWh, down from 487.8 GWh in the previous quarter, driven by strong domestic generation. However, the import breakdown shows that 34% of the electricity still came from South Africa’s Eskom, while Mozambique’s HCB and EDM supplied 37.5% and 10.2%, respectively.

Overall, Zimbabwe spent US$117 million (R1.92 billion) on electricity imports in 2025, the lowest full-year figure in five years by a considerable margin. However, every kilowatt-hour powering Zimbabwe’s mines still represents another revenue stream for South Africa.

The Narrative That Needs to Change

The perception that South Africa “gets nothing” from Zimbabwe is not just false, it is dangerously misleading.

South African companies own Zimbabwe’s three PGM mines (Zimplats, Mimosa, and Unki). South African suppliers capture 80% of Zimbabwe’s mining-related imports. South African refineries process Zimbabwe’s minerals, generating jobs in that country. South African banks and shareholders receive the dividends.

Meanwhile, Zimbabwe’s manufacturing capacity utilisation stands at just 56.2%, far below the mining sector’s 81%–84% capacity. The gap between what Zimbabwe could produce locally and what it imports from South Africa represents billions, lost jobs, lost industrialisation, and lost economic sovereignty.

South Africa enforces a strong local content strategy, requiring at least 70% of mining goods and 80% of services to be sourced locally. Zimbabwe approved its Local Content Strategy in 2019 with ambitious targets, but as of 2025, only 15% of the mining sector’s requirements are met by local manufacturers.

Zimbabwe’s mining sector continues to grow, but if the supply chains continue to flow to South Africa, the benefits will continue to leak across the border.

When South Africans question what Zimbabwe contributes, the answer is clear:

Zimbabwe contributes billions of dollars annually to the South African economy through mining imports, equipment purchases, refinery throughput, electricity sales, and shareholder dividends. That is equal to much-needed jobs, jobs, jobs.

The question is not whether South Africa benefits from Zimbabwe.

The question is whether Zimbabwe will ever benefit as much from its own minerals as South Africa does.

EXPLORATION is the lifeblood of the mining industry, yet securing funding for it remains an uphill battle, not because the value isn’t there, but because it is often hidden, requiring years of patience before returns materialise, a seasoned exploration geologist said.

By Rudairo Mapuranga

Speaking at the Chamber of Mines Annual Conference Gold Symposium, sponsored by Mutapa Gold Resources, Geoprobe Advisory Services Managing Geologist Kuda Muchenje drew on his decades of experience, having worked on both sides of the fence as an exploration geologist and as a business development professional assessing projects for potential investment, to make a compelling case for why exploration deserves a seat at the funding table.

“Exploration expenditure causes heated debates when you ask for exploration funds in boardrooms. There are always people who support exploration, and there are always people who are opposed to spending that money,” Muchenje said.

“That is largely because exploration is quite expensive, and because exploration is so expensive, it tends to be very difficult to actually raise the funding.”

The Exploration Value Chain

Muchenje positioned exploration at the very front end of the mining value chain — the entire process from the discovery of mineral deposits all the way to mining, processing, and getting the product to market.

“Without exploration, there’s no mining; there are no new mines that are going to be found,” he said.

He distinguished between greenfield exploration, starting from nothing to find a new deposit — and brownfield exploration, which occurs around operating mines to extend their lives. His presentation was particularly focused on the small-scale investor “who’s taking money out of his pocket and trying to find a new mineral deposit.”

Success Stories That Prove the Case

Muchenje pointed to Zimbabwe’s own track record of exploration success, citing the Murowa diamond mine and the Marange diamond fields as examples of greenfield exploration programmes that delivered results.

“I was involved with the exploration programme that led to the Murowa diamond mine, and there was nothing there before. Eventually, the exploration work discovered a new mine,” he revealed. The Murowa discovery resulted from a four-year regional exploration programme by a Rio Tinto Exploration joint venture, with three diamond-bearing kimberlite pipes discovered in 1997.

“Same thing with Marange,” he said. Diamonds in Marange were discovered in 2002.

At a national level, he noted, operating mines discovered through exploration make “a meaningful contribution to the fiscus, through taxes paid by these mining companies, jobs that are created, and dividends that are paid out to shareholders.”

Internationally, Muchenje cited Robert Friedland, who made a fortune by finding world-class deposits, including the Voisey’s Bay nickel deposit in Canada, which was sold for US$3.1 billion in 1996.

Why Funding Remains Elusive

“If there are so many success stories related to exploration, why is it so difficult to raise money?” Muchenje asked.

His answer: “Exploration value is often hidden. It’s not obvious. You’re not going to put a dollar in today and have $10 a week later.”

“Exploration is a process that takes years, and it can take five years of exploration, seven years of exploration, before all your effort actually pays back,” he said. “That is why a lot of people struggle to understand the value that comes out of exploration, and that is why a lot of people get scared and stay away.”

De-risking and Value Creation

Muchenje described exploration as a “de-risking exercise”, a balance between reducing risk at each stage and creating value in the long run.

“You only proceed if you get acceptable results at stage one before you then proceed to stage two,” he explained. “As the exploration process continues, the risks should fall, and value should rise.”

However, he cautioned that value creation is “not a straightforward upward trajectory.”

“The greatest value at the beginning is typically created when you find something, when you have declared a mineral discovery. But after that, the value actually tends to fall because reality sets in.”

The feasibility study stage, Muchenje noted, is particularly challenging to fund.

“Your banks are not going to give you money to do a feasibility study. The bank wants that feasibility study when you apply for funds for mining.”

“The greatest value is then reached when that project gets into production, and it starts paying dividends.”

Principles for Increasing Exploration Value

Muchenje offered practical advice for explorers, particularly smaller investors with limited budgets.

“Stay within known mineral provinces. Your chances of finding a new deposit are actually better if you stay within known mineral provinces,” he said. “In Zimbabwe, we have very well-established mineral provinces — the Greenstone Belts for gold and the Great Dyke for PGMs.”

He cited the Dokwe Gold Project as an example of explorers who ventured into uncharted territory and succeeded.

“Dokwe is a classic example of guys who were brave enough to go and look for gold under the Kalahari sands, and they made a stunning discovery,” he said. “To me, one of the best discoveries ever made in this country. It’s a fascinating project.”

Quality Over Quantity

Perhaps Muchenje’s most pointed advice was on the quality of exploration data.

“The quality of information that you generate is probably one of the most important things,” he stressed. “You can spend a lot of money on percussion drilling, but when the valuers come to look at your project, they’re going to say, ‘But this information is useless to us.'”

He also emphasised the importance of QA/QC procedures.

“A lot of people spend thousands and thousands of dollars on laboratory assays, which do not have QA/QC procedures. That information is heavily discredited when it comes to the evaluation of mineral projects.”

“It is very important that you not only generate quantities of exploration data, but that quality is also quite critical.”

Government’s Role

Muchenje called on the government to create an enabling environment and protect exploration investment. He singled out national data management as “one of the most critical roles.”

“Making data available online is now very critical. It makes you a very competitive country,” he said. “A lot of countries are even making this data free now. You don’t have to pay for anything. You just go to a government portal and get all the geophysics and geology maps that you need.”

The Artisanal Miner as an Exploration Tool

In a striking acknowledgement, Muchenje paid tribute to artisanal miners.

“As a geologist, I’m forced to acknowledge that the artisanal miner is probably the most effective exploration tool that we have. Those guys have found so many deposits,” he said.

“The question is, what are we going to do with the information that is generated from all the work done by the artisanal miners?”

Artificial intelligence is reshaping the search for mineral deposits, offering African countries an opportunity to accelerate discoveries and compete more effectively for global exploration capital, Ghana Chamber of Mines Chief Executive Officer Kenneth Ashigbey said.

By Ryan Chigoche

Addressing delegates at the Chamber of Mines of Zimbabwe annual conference, Ashigbey said the industry is entering a new era where data, predictive analytics, and digital technologies will increasingly determine where the next generation of mineral discoveries is made.

“The mining industry of the future will belong not only to those with the largest mineral deposits, but also to those who deploy technology most effectively to optimise mineral resource discovery, extraction, and efficient recovery,” Ashigbey said.

The shift comes as African governments compete to attract investment into critical minerals needed for the global energy transition. Although the continent holds about 30% of the world’s mineral reserves, it attracts less than 15% of global exploration spending, highlighting both the scale of its untapped geological potential and the challenge of securing exploration capital.

Ashigbey argued that reversing that trend begins with exploration, describing it as the foundation of a sustainable mining industry.

“Exploration is the oxygen of mining. Without exploration, reserves decline. Without reserves, investment dries up. Without investment, the industry stagnates.”

Artificial intelligence is rapidly changing that equation. By analysing vast geological datasets in a fraction of the time required by conventional methods, AI allows exploration companies to identify promising mineral targets more quickly, reduce drilling risk, and lower the cost of discovery. Technologies such as machine learning, geospatial analytics, drone mapping, and predictive modelling are already transforming how exploration programmes are planned and executed.

For Africa, however, the opportunity extends beyond simply adopting these technologies. Ashigbey urged governments, universities, mining companies, and technology firms to work together to develop AI solutions tailored to African geology and operating conditions.

“Africa must not be merely a consumer of these technologies,” he said. “We must become creators of them.”

Drawing on his background in telecommunications, Ashigbey said digital capability is becoming as important to mining competitiveness as traditional infrastructure. Data, cybersecurity, and artificial intelligence, he argued, are now central to the industry’s future, with digital tools already helping to detect illegal mining, improve mineral traceability, strengthen environmental monitoring, and support more efficient exploration.

Even so, technology cannot replace sound mining policy.

Countries seeking exploration investment must still provide transparent licensing systems, secure mineral tenure, reliable geological data, and predictable regulation. Combined with advances in artificial intelligence, those fundamentals can reduce investment risk and improve the chances of new discoveries.

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.

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.

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.