Mining ZimbabweLatest Mining News, Policy and Industry Updates

• A pricing gap, an export ban, and 11 conditions: The Minister of Mines is working to close a gap that has cost the nation billions.

• Zimbabwe is losing billions from its lithium exports, earning up to $400 less per tonne than Australia. A new export ban and strict reforms could change everything, but risks remain.

By Rudairo Mapuranga

The arithmetic is brutal, and it has cost Zimbabwe billions.

Australia and Zimbabwe both extract spodumene concentrate from the ground. Both ship it to China. Yet, for every tonne of similar-quality material, Australian producers receive $300 to $400 more than their Zimbabwean counterparts.

The gap is not explained by geology. It is driven by under-declaration of mineral content, under-evaluation of exports, and transfer pricing practices that have systematically stripped value from Zimbabwe’s lithium sector.

Now, Mines Minister Dr Polite Kambamura is moving to close that gap.

The Numbers That Forced the Ban

In 2025, Zimbabwe exported over $500 million worth of lithium. However, the government captured just 7 per cent of that total in royalties. While export volumes rose by 11 per cent year-on-year, revenue remained largely flat.

Rising global demand—driven by massive investments in energy storage systems across China, the United States, and Europe—has not translated into higher export prices for Zimbabwe.

The evidence is clear: under-declaration of mineral content, under-evaluation of shipments, and transfer pricing that shifts profits to lower-tax jurisdictions. These are not mere allegations—they are structural realities that have turned Zimbabwe’s lithium wealth into a leaky bucket.

The Export Ban

On 25 February 2026, Minister Kambamura took an unprecedented step: he suspended all raw mineral and lithium concentrate exports with immediate effect, including shipments already in transit.

The message was clear—no more raw materials leaving the country without oversight, verification, and full transparency on content.

“The export ban is an important step to stop mineral leakages,” says Jordan Roberts, a lithium market analyst who tracks global supply chains. “It allows greater control, strengthens global bargaining power, and addresses issues of transfer pricing and under-declaration.”

By requiring every shipment to be tested before export, the ban closes a critical loophole where high-grade material was declared as low-grade waste. It forces buyers to pay fair value—or lose access to the resource.

The 11 Conditions: The Price of Re-Entry

The ban alone is not sufficient. On 7 April 2026, Dr. Kambamura issued an 11-point directive to the Chamber of Mines of Zimbabwe. Rather than lifting the ban, it outlines the conditions required for its removal.

The conditions are binding, with strict deadlines:

• Lithium sulphate plants approved by the Minister and operational by 1 January 2027
• A 10 per cent beneficiation tax on all concentrate exports
• Annual financial statements published from December 2025 onward
• Two internationally accredited laboratories for the entire mining industry
• Decent accommodation for local employees and salaries at minimum NEC levels
• Assay laboratories at each producing mine within three months
• Monthly progress reports submitted to a ministerial committee

Each condition targets a specific leakage point. Financial transparency curbs transfer pricing. Assay laboratories eliminate under-declaration. Beneficiation requirements aim to end the export of raw materials altogether.

The Indonesian Precedent

A working model already exists. Indonesia implemented a similar export ban on raw nickel several years ago. Before the ban, nickel exports generated between $1 billion and $2 billion annually. By 2023, that figure had surged to $30 billion—a tenfold increase—driven by domestic processing into stainless steel and battery materials.

“This is a strong case study for how a lithium export ban could have a very positive impact on Zimbabwe and its stakeholders,” Roberts explains.

The Risks

The path forward is not without challenges. Zimbabwe currently lacks sufficient capacity to process all its lithium concentrate into lithium sulphate. Without rapid investment in downstream infrastructure, the ban risks constraining supply without creating equivalent value.

“If Zimbabwe wants to remain a key player in the global lithium supply chain and battery ecosystem, downstream capacity must be developed quickly,” Roberts warns.

There is also the risk of capital flight. Investment could shift to other African jurisdictions such as Mali, Ghana, and Nigeria, or to lithium brine producers in Argentina, Chile, and the United States.

Job security is another concern. If concentrate exports halt before processing plants come online, workers may be displaced. While the minister’s conditions address wages and accommodation, they do not fully account for transitional employment risks.

The Transparency Dividend

Beyond revenue, there is a strategic advantage: transparency.

Western investors, battery producers, cathode manufacturers, and automotive OEMs increasingly demand traceable supply chains. Europe’s upcoming “battery passport” regulation will require a QR code detailing every mineral in a battery—from mine to market.

“Greater control and transparency could significantly improve Zimbabwe’s attractiveness as a supplier to Western OEMs,” Roberts notes.

The Bottom Line

The price gap between Zimbabwe and Australia is not inevitable. It is the result of systemic weaknesses—under-declaration, transfer pricing, and mineral leakages.

Kambamura’s export ban and the 11 conditions are designed to correct this imbalance. Indonesia has demonstrated that it can be done. The real question is whether Zimbabwe can execute.

“Execution is everything,” Roberts concludes. “The export ban is a critical first step. The real test is whether Zimbabwe can build the downstream capacity to capture full value.”

For now, the arithmetic is being rewritten. The pricing gap is under scrutiny. The conditions are clear. And the world is watching to see whether Zimbabwe’s lithium will finally deliver full value for the nation.

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The Ministry of Mines and Mining Development has, with immediate effect, suspended all mining and associated activities at Botha Mine and the bordering area of Freda Rebecca Gold Mine’s Lease 21 (Phoenix Prince) in Bindura, citing conditions that pose “immediate and unacceptable risks to life, health, and safety.”

By Rudairo Mapuranga

The suspension order, dated 9 April 2026 and signed by the Provincial Mining Director for Mashonaland Central, follows a separate suspension letter issued to both mine managers on 8 April 2026.

Legal Basis for Suspension

The government has invoked Section 267, read together with Sections 300 and 301 of the Mining (Management and Safety) Regulations of 1990, specifically S.I. 109 of 1990.

According to the official suspension documents, the shutdown was necessitated by several critical conditions. These include an unsafe and violent operating environment marked by an escalation of violence, including shootings, assaults, and intimidation, creating hazardous working conditions and direct risk to personnel and the public. The regulator also cited loss of control and unauthorized access, noting the presence of unauthorized persons and illegal mining activities resulting in uncontrolled operations and exposure to unsafe practices.

Further grounds for the suspension include a breakdown of safety management systems, specifically the failure to maintain effective supervision, enforce safety procedures, and ensure compliance with statutory occupational safety requirements. The government also pointed to non-compliance with occupational health and safety standards, including lack of PPE enforcement, unsafe working conditions, and the absence of adequate safety controls across operations. Additionally, the Mines Inspectorate reported obstruction of regulatory oversight, with conditions on site preventing safe access for inspection and verification.

The suspension order requires that all mining and allied activities cease immediately upon receipt of the order. All operational grounds must be cleared forthwith, and no personnel, equipment, or processing activities shall remain active on site. A register of all mine security and authorized personnel must be submitted to the Provincial Mining Office at the beginning of the workday on Friday, 10 April 2026. Such a register shall be kept at all key entry points for inspection by the Zimbabwe Republic Police.

Conditions for Lifting the Suspension

Operations will only resume upon verified compliance with a range of safety and administrative measures. All mining and allied activities must be operated within the legal boundaries of the respective mines. Demonstrable measures must be applied for the elimination and monitoring of violence and insurgency, including the searching for illegal weapons and substances, and the monitoring of intoxicated personnel within the mining premises.

Management control must be re-established through effective supervision and oversight of all mining activities by competent personnel. Occupational safety systems must be fully implemented, including the enforcement of PPE usage, safe work procedures, and hazard control measures as mandated in Sections 47 and 48 of S.I. 109 of 1990. Incident reporting systems must be reinstated, with proper recording and reporting of all accidents and safety-related incidents as provided for in the same regulations.

Health and sanitation requirements demand that all employees undergo medical examinations in compliance with Section 14 and the Pneumoconiosis Act. Adequate ablution facilities must also be constructed and maintained in terms of the Mining (Health and Sanitation) Regulations of 1995, specifically Section 9. Finally, a register of employees must be maintained to account for all workers employed at the mine, including contractors, in terms of Section 296 of the Mining (Management and Safety) Regulations, S.I. 109 of 1990.

The suspension order affects Botha Mine, with registration numbers 46035 to 46038, and the bordering area of Freda Rebecca Gold Mine’s Lease 21. According to publicly filed court documents, the area has been the subject of competing claims. A spoliation order under case number HC 653/26 was previously issued by the High Court, restoring possession of disputed ground and affirming that parties may not take possession through self-help. The underlying legal status of Mining Lease 21 remains unresolved.

The suspension order will remain in force until all health and safety deficiencies have been rectified to the satisfaction of the Mines Inspectorate.

A record US$12 billion flowed out of gold-backed exchange-traded funds in March, according to the World Gold Council, marking the sharpest monthly reversal the market has ever seen and wiping out much of the strong start bullion enjoyed earlier this year, Mining Zimbabwe reports.

By Ryan Chigoche

For much of the first quarter, gold looked unstoppable. Investors poured money into bullion funds as geopolitical tensions flared, inflation fears lingered, and expectations grew that interest rates would start falling.

Then March happened.

A broad sell-off hit global markets as the conflict involving the United States, Israel, and Iran escalated in the Gulf region. Disruptions to trade routes and airspace around Dubai prompted investors to raise cash quickly.

Gold, which had been a top-performing asset, suddenly became a source of liquidity. Figures from the World Gold Council show that physically backed gold ETFs lost US$11.8 billion in March alone, nearly 85 tonnes of gold. North America accounted for most of the selling, with US$13.5 billion pulled from funds, ending nine months of steady inflows.

The reversal reflected broader market dynamics. A stronger US dollar, rising bond yields, and fading expectations for Federal Reserve rate cuts made gold less appealing. By month-end, markets increasingly expected rates to remain unchanged until late 2027.

Technical factors also played a role. Large hedge funds and commodity traders who held bullish positions in gold futures started unwinding them. Mid-March price declines triggered rapid position closures, accelerating the sell-off.

The largest funds took the brunt of the hit. SPDR Gold Shares lost over US$8.4 billion, while iShares Gold Trust saw US$3.7 billion exit.

Yet, the market was not abandoning gold entirely. Asian buyers stepped in, with ETFs in the region drawing almost US$1.9 billion, marking seven consecutive months of inflows and the strongest quarterly performance on record. China led the demand, contributing US$1.67 billion as geopolitical tensions rose, domestic markets weakened, and the yuan softened. Indian investors added US$177 million during March.

Europe saw moderate outflows, losing US$154 million—mainly in Germany, Italy, and France—as rising yields and a weaker euro weighed on returns.

Despite March’s heavy selling, first-quarter holdings rose by 62 tonnes globally, with assets under management reaching US$606.5 billion, up 9% from the end of 2025. Trading activity remained high, with average daily turnover climbing to US$525 billion as investors repositioned.

The World Gold Council noted the sell-off mirrored patterns seen after the Global Financial Crisis and during the COVID-19 pandemic, when periods of strong inflows were followed by sharp withdrawals before a recovery.

March’s episode may reflect a temporary scramble for cash during market stress rather than a long-term retreat from gold. With ongoing geopolitical tensions and inflation risks, gold’s role as a safe-haven asset remains relevant.

51.6% of Zimbabwe’s Exports Go to the UAE, Highlighting Risks from the US–Iran war and the Need to diversify

Zimbabwe’s export sector has come under fresh scrutiny as global geopolitical tensions escalate. The ongoing United States–Iran war has spilt into the Gulf region, affecting both sea and air routes, with Dubai, the hub for much of Zimbabwe’s gold exports, heavily impacted, Mining Zimbabwe can report.

By Ryan Chigoche

As a result, even temporary disruptions in this region could ripple through Zimbabwe’s economy, affecting shipments, pricing, and foreign currency inflows.

According to the latest Reserve Bank of Zimbabwe (RBZ) Monthly Economic Review for February, merchandise exports totalled US$969.4 million, with gold alone accounting for 50.9% of the total.

Tobacco contributed 25.2%, while platinum group metals (PGMs) accounted for 10.8%. However, more than half of these exports—51.6%—were destined for the UAE, far ahead of China at 22.1% and South Africa at 13.4%.

This concentration underscores the risks of depending heavily on a single trading hub, particularly one exposed to regional conflict.

The Gulf crisis has disrupted key shipping lanes and airspace, especially around the Strait of Hormuz and Dubai’s airports, driving freight costs and insurance premiums higher.

Airlines and cargo carriers have had to reroute or suspend operations, while trading hubs in the region operate under heightened war-risk conditions. For Zimbabwe, whose gold largely passes through Dubai before reaching global buyers, such instability can have immediate consequences.

Part of the country’s reliance on Dubai stems from historical limitations in accessing global markets.

Fidelity Gold Refinery, Zimbabwe’s sole gold refinery, lost its previous international accreditation in 2008 after gold production fell below minimum global thresholds. Since then, much of the country’s bullion has flowed through intermediaries, limiting market access and reducing potential earnings.

There is, however, a window of opportunity. Fidelity Gold Refinery’s General Manager, Peter Magaramombe, confirmed that the refinery is now set to join an accredited international market for its bullion by the end of this year, having already met nearly all requirements.

This development comes at a crucial time, as Zimbabwe’s gold output reached a record 46.7 tonnes in 2025, well above the threshold required for international trade.

By gaining direct access to an accredited international market, Zimbabwe would not only improve pricing and revenue capture but also diversify export routes, reducing reliance on the UAE and enhancing resilience against geopolitical shocks in the Gulf.

This would ensure that the country’s largest export earner continues to provide stable foreign currency inflows even in times of global instability.

The recent US–Iran war, and its spillover effects across the Gulf, highlight a key lesson: overreliance on a single export hub carries significant risks.

For Zimbabwe, accelerating market diversification and supporting Fidelity Gold Refinery’s integration into an international market is no longer optional. It is a strategic necessity, crucial for protecting the gold sector and securing a more stable economic future.

Zimbabwe’s gold export earnings reached US$278.5 million in February 2026, driven by firm international gold prices and a sharp increase in deliveries from the artisanal and small-scale mining (ASM) sector, according to the latest data from the Reserve Bank of Zimbabwe (RBZ).

By Rudairo Mapuranga

The February figure represents a 138 per cent surge compared to the same month last year, when gold receipts stood at US$117 million.

February’s export earnings were slightly lower than the US$290.1 million recorded in January 2026. However, the January figure was more than double the US$123.1 million earned in January 2025.

Cumulative gold export earnings for the first two months of 2026 now stand at approximately US$568.6 million.

According to data from Fidelity Gold Refinery, Zimbabwe’s sole operational gold buyer, total gold output for February 2026 reached 3,412.9 kilograms (approximately 3.4 tonnes).

Artisanal and small-scale miners accounted for nearly 74 per cent of total gold deliveries for the month, cementing their role as the backbone of Zimbabwe’s gold industry.

In late February, the RBZ introduced a new payment structure requiring small-scale miners to receive 90% of their gold proceeds in US dollars and 10% in local currency (ZiG). However, the policy faced implementation challenges and was temporarily suspended in March, effectively restoring the previous arrangement of 100% US dollar payments.

Gold prices have maintained a strong upward trajectory, with spot bullion hovering near the US$5,000 per ounce threshold. The rally follows a historic 2024–2025 super-cycle, during which prices surged by more than 60 percent in a single year, driven by geopolitical instability and a global shift in central bank reserves.

Major financial institutions, including JP Morgan and Bank of America, have revised their 2026 year-end gold price targets to the US$6,000–US$6,300 range.

Following a record-breaking 2025 output of 46.7 tonnes, the Government has set an ambitious gold production target of 50 tonnes for 2026.

The RBZ has been aggressively accumulating gold reserves to support the ZiG currency. As of early 2026, Zimbabwe’s foreign exchange reserves had grown to approximately US$1.2 billion, largely anchored by physical gold holdings and mineral-linked royalties.