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Zimbabwe Targets US$15.8 Billion Ferrochrome Market, Declares Raw Chrome Exports Obsolete

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  • Zimbabwe has drawn a hard line: no more exporting raw chrome. With a US$15.8 billion ferrochrome market in sight, the government is forcing investors to beneficiate locally or walk away.

Zimbabwe has declared raw chrome concentrate exports obsolete as Mines Minister Dr. Polite Kambamura launched an aggressive hunt for a share of the US$15.8 billion global ferrochrome market, warning investors that the era of shipping unprocessed ore is over permanently, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at the Africa Chromium Week 2026 conference in Victoria Falls, Dr. Kambamura delivered what amounted to an ultimatum to the global chromium industry: beneficiate locally, or do not mine at all.

“Our position is clear,” the Minister told delegates. “Zimbabwe will no longer export jobs, value, and industrial potential in the form of raw minerals. Instead, we are building a robust ferrochrome industry anchored on local smelting, technology upgrades, and strategic partnerships.”

In February 2026, Kambamura announced a sweeping suspension of all raw mineral and lithium concentrate exports, effective immediately, covering minerals already in transit. The ban extends to chrome ore, gold, platinum group metals, and lithium, compressing a policy timeline that had previously set a January 2027 deadline for lithium concentrate restrictions.

The Minister’s numbers painted a stark picture of both opportunity and underperformance.

Zimbabwe holds approximately 12 to 13 per cent of global chrome reserves, the second-largest endowment in the world, concentrated along the mineral-rich Great Dyke. The country currently operates 17 ferrochrome smelting plants, and in 2025, ferrochrome exports reached 433,293 metric tonnes, reflecting 19 per cent year-on-year growth.

Yet, despite this solid resource base and growing output, smelter capacity utilisation remains at approximately 68 per cent.

“To appreciate the scale of opportunity, consider global ferrochrome demand, which stands at approximately 14.92 million tonnes per annum,” Kambamura said. “China alone accounts for 6.8 to 7.2 million tonnes. Zimbabwe contributes only 0.25 to 0.45 million tonnes, a figure that underscores both the room for growth and the urgency of our beneficiation drive.”

The global ferrochrome market, valued at approximately US$15.8 billion in 2026, is projected to reach US$22.02 billion by 2035, driven by stainless steel demand from China’s industrial expansion and India’s emergence as the next major consumption frontier.

The Palm River Template

The Minister singled out the Palm River Energy Metallurgical Special Economic Zone in Beitbridge as the model for Zimbabwe’s chrome-powered future.

The US$3.6 billion project, developed in collaboration with a Chinese mining company, covers 5,100 hectares and includes a coking plant, a 2-million-tonnes-per-year ferrochrome smelting plant, and a 1,200 MW coal-fired power complex. Surplus electricity will be supplied to the national grid.

According to the Zimbabwe Investment and Development Agency (ZIDA), verified investment in the project had reached US$57.7 million as of March 2025, with the initial phase targeting US$209 million. The project has already generated direct employment for 313 Zimbabweans.

The Manhize Steel Plant in Mvuma, developed by Dinson Iron and Steel (part of China’s Tsingshan Holding Group), represents the other anchor of the strategy, expected to become Africa’s largest integrated steelworks.

Local Innovation Bypasses Grid Constraints

Kambamura also highlighted technological breakthroughs emerging from domestic players. African Chrome Fields has pioneered a proprietary aluminothermic smelting process that produces ultra-low carbon ferrochrome without relying on the national grid.

“Our exclusive aluminothermic processes yield high-grade ferrochrome with ultra-low carbon content in a significantly shorter duration compared to conventional methods,” said Zunaid Moti, Chairman of African Chrome Fields. “This positions us to soon deliver a superior product compared to almost any other source globally.”

The technology, developed at a cost of over R1.2 billion (approximately US$65 million), produces ferrochrome with 62–65 per cent chromium content and just 0.2 per cent carbon—suitable for high-grade applications in aerospace and speciality steel.

“Companies such as African Chrome Fields are pioneering ultra-low carbon ferrochrome technologies, developed locally, proving that Zimbabwe is not just a resource base, but is under transformation into an innovation hub,” Kambamura said.

Zimbabwe is no longer asking whether it can beneficiate its chrome. The export ban is in force. Seventeen smelters are operating. Palm River and Manhize are under construction. Local innovation has proven that grid constraints can be bypassed.

The question now is whether global capital will move at the speed of Zimbabwe’s ambition, or risk being locked out of one of the world’s largest chrome reserves.

“Value addition is no longer an option; it is the foundation of our national strategy,” Dr. Kambamura said.

Zimbabwe Sets Out Chromium Value-Chain Development Plan, Seeks Investors for Industrial Expansion

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With the goal of developing the ferrochrome industry beyond exports as the next stage of the chromium value addition drive, Zimbabwe is seeking to attract investors to commit capital into a wider industrial expansion of its chrome sector, as the government moves to position the mineral as a foundation for steel production, speciality alloys, and chemical industries, Mining Zimbabwe can report.

By Ryan Chigoche

This was revealed by Zimbabwe President Emmerson Mnangagwa via Vice President Dr Constantino Chiwenga at the ongoing Africa Chromium Week 2026, organised by the International Chromium Development Association.

Over the years, Zimbabwe’s chrome industry has grown significantly since the era of exporting raw chromite ore, with the country now increasingly shifting towards beneficiation and semi-processed ferrochrome production.

The country currently operates 17 ferrochrome smelters, while exports reached 433,000 metric tonnes in 2025, representing a 19% year-on-year increase.

This performance has propelled Zimbabwe to fourth globally in chromite production and sixth in high-carbon ferrochrome output, underscoring its steady rise in value addition.

Despite this growth in output and exports, authorities say the next phase of the sector’s development lies well beyond ferrochrome production, as the country seeks to deepen beneficiation and expand into higher-value industrial applications.

Speaking at the conference on behalf of President Mnangagwa, VP Chiwenga said Zimbabwe’s chrome strategy extends far beyond high-carbon ferrochrome and is anchored on building a full value chain that captures downstream industrial output.

“…Our vision for the chrome sector extends far beyond high-carbon ferrochrome… it includes chrome chemicals such as chromic acid and chrome pigments, speciality superalloys for jet engines, and chrome plating solutions critical to the global industry. This is Zimbabwe’s roadmap, not an aspiration but a deliberate plan in motion. The foundations are being laid now through smelting clusters, energy infrastructure, special economic zones, and skills development…” Chiwenga said.

He went on to call on potential investors, industry leaders, financiers, and technology partners to consider Zimbabwe as an investment destination within the global chrome value chain, pointing to opportunities for capital deployment across beneficiation, energy development, and downstream industrialisation.

“…I call upon investors, industry leaders, financiers, and technology partners to move beyond dialogue into decisive execution. Zimbabwe offers a clear value proposition, resource certainty, and a government fully committed to value addition and industrial transformation. The opportunity before us is immediate and scalable to deploy capital into beneficiation, to co-develop energy solutions, to establish downstream industries, and to embed chromium innovation across the chromium value chain…” said Chiwenga.

Since ferrochrome production is among the world’s most energy-intensive metallurgical processes, the government has identified electricity supply as a key constraint to deeper beneficiation in the chrome sector.

To support investment in the sector’s expansion and attract new capital into downstream processing, it is introducing subsidised electricity tariffs for ferrochrome producers during a transition phase, while at the same time requiring smelters to invest in captive power generation.

Producers that develop their own power capacity will receive commensurate mining rights and fiscal incentives, with the policy shift aimed at building a new energy architecture to support industrial expansion within the chrome sector.

Zimbabwe Lithium Faces “Narrow Window” for Industrialisation, World Bank Warns

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Zimbabwe’s lithium has been identified as a potential pathway to industrialisation, supported by rising global demand for battery metals. But the World Bank says the opportunity is not guaranteed, warning that outcomes will depend on how policy is designed and implemented, Mining Zimbabwe reports.

By Ryan Chigoche

In its Spring 2026 Africa Economic Update, the Bank places Zimbabwe among resource-rich economies with a credible chance of moving beyond raw mineral exports into processing and value addition.

With global demand for battery metals rising as the energy transition gathers pace, lithium is increasingly seen as the country’s clearest entry point into that shift.

But the message is not one of certainty; it is one of timing and execution. The current surge in demand for critical minerals, the Bank notes, presents a narrow window for Africa to industrialise on the back of its resource base.

Lithium pathway viable — but only under strict conditions

The report makes it clear that mineral beneficiation can work, but only under specific conditions.

Countries must have enough influence in global markets to limit buyers’ ability to switch suppliers, while also building a domestic environment capable of supporting competitive processing.

The experience of Indonesia offers a useful contrast. Its nickel export ban helped trigger a processing boom because it controlled a significant share of global supply. A similar approach in bauxite, however, failed when buyers simply turned elsewhere.

For Zimbabwe, the takeaway is straightforward: lithium can support industrialisation, but only if local capacity, from power to skills, is built to match policy ambition.

Export restrictions remain a high-stakes gamble

That context puts Zimbabwe’s own policy direction into sharper focus.

Following a blanket ban on lithium concentrates in February, the government has this week softly lifted export restrictions, allowing shipments to resume under a controlled framework after engagements with producers. The move is aimed at safeguarding investment while maintaining pressure on miners to move into processing.

Under the new approach, authorities are introducing export quotas allocated on a producer-by-producer basis, alongside strict conditions tied to transparency, compliance, and commitments to build local processing plants.

A transition framework is also in place, including a tax on concentrate exports and a longer-term push toward a full ban on unprocessed lithium.

In effect, Zimbabwe is attempting to balance two competing priorities—preserving current export revenues while forcing a shift toward beneficiation.

That balancing act mirrors the World Bank’s warning.

Export controls, the report stresses, are not general-purpose tools but high-stakes bets. If applied before a competitive processing base is in place, they risk disrupting markets and eroding foreign currency inflows without delivering industrialisation.

More broadly, the Bank sees Zimbabwe as part of a wider shift across Africa, where governments are increasingly using industrial policy tools, from export controls to incentives, to capture more value from natural resources.

Yet it also flags a familiar constraint. Zimbabwe falls into what it terms a “selection gap”, where policy choices are broadly correct in theory but not always aligned with domestic capabilities.

In practice, this has meant a heavier reliance on export controls, with less emphasis on the production support needed to build competitive industries.

That gap between ambition and execution is where the outcome will be decided.

Zimbabwe’s lithium resources, the Bank suggests, give it a genuine opportunity to industrialise in step with global demand for battery metals.

But turning that potential into reality will depend on getting the sequencing right—building capacity, aligning policy with conditions on the ground, and using current measures, such as export quotas, as a bridge rather than an end in themselves.

Without that, lithium risks remaining just that: potential.

Zimbabwe Adopts Sweeping Mineral Value Chain Framework to End Leakages, Force Local Processing

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Cabinet approves four-pillar plan that includes mine-to-market tracking, university-based labs, and mandatory value-added certificates

HARARE – Zimbabwe’s Cabinet has approved a comprehensive framework that will require all mineral exports to meet mandatory local processing standards, establish a real-time tracking system for every consignment, and create a decentralised network of university-based laboratories to certify mineral content, Information Minister Hon. Zhemu Soda announced on Tuesday.

By Rudairo Mapuranga

The Minerals Value Chain: From Mining to Beneficiation, Industrialisation and Exportation framework, presented by Vice President Dr Constantino Chiwenga, aims to transform Zimbabwe from a primary resource exporter into a “globally competitive minerals-based industrial manufacturing hub,” Hon. Soda told reporters after the weekly Cabinet briefing.

“The framework seeks, inter alia, to protect the national interest by closing the leakages that have perennially prejudiced the country of huge earnings from its vast mineral wealth,” Hon. Soda said.

Four Pillars

The framework rests on four main pillars:

Mineral-Specific Architecture and Mandatory Standards: Legally binding minimum processing standards will be enforced through a new Value-Added Compliance Certificate required for any export permit.

National Minerals Research and Analytical Laboratory Infrastructure: Government will end reliance on foreign laboratories by establishing a decentralised network of analytical hubs at national universities. Each institution will serve as a dedicated referee for specific mineral clusters, with the University of Zimbabwe as the apex hub for lithium, rare earth elements, and uranium.

Mine-to-Market Operational Control System: A secure, real-time “smart corridor” will track every mineral consignment from extraction to the final port of exit, providing an end-to-end audit trail to prevent leakages and fraud.

Integrated Special Economic Zones: Eight regional mineral beneficiation zones will be strategically positioned across provinces. New investors will be directed to specialised hubs such as the Northern Battery Minerals or Midlands Metallurgical zones.

The framework will be supported by reliable and affordable power supply, energy self-generation incentives for beneficiation projects, and Environmental, Social, and Governance initiatives. The Ministry of Mines and Mining Development will be strengthened to undertake the added responsibilities.

Cabinet also approved a consolidated legal framework to operationalise the mineral value chain, Hon. Soda said.

The approval follows the government’s 25 February suspension of raw lithium and mineral exports and the subsequent imposition of export quotas on six large-scale lithium producers. The new framework extends similar controls across all mineral sectors, including gold, platinum, chrome, diamonds, and coal.

Zimbabwe Ends Reliance on Foreign Mineral Labs, Unveils University Network for Local Certification

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  • Nine institutions designated as analytical hubs for lithium, PGMs, chrome, and diamonds

Zimbabwe has ended its costly reliance on foreign laboratories for mineral certification, establishing a decentralised network of analytical hubs at nine universities and scientific institutions across the country, Mining Zimbabwe can report.

By Rudairo Maparanga

Information Minister Hon. Zhemu Soda, announcing at the weekly Cabinet briefing on Tuesday, said the government has identified nine universities, such as the University of Zimbabwe, Great Zimbabwe University, and Midlands State University, among others, for mineral analysis.

“Government will end the costly and risky reliance on foreign laboratories for mineral certification through a decentralised network of specialised analytical hubs co-located at national universities and scientific institutions,” Hon. Soda said.

The National Minerals Research and Analytical Scientific Laboratory Infrastructure Pillar is part of the broader Minerals Value Chain Framework approved by Cabinet, which aims to transition Zimbabwe from a primary resource exporter to a minerals-based industrial manufacturing hub.

University of Zimbabwe to Serve as Apex Hub

Under the new framework, the National Mineral Research Centre at the University of Zimbabwe will function as the apex hub for all minerals, with particular responsibility for lithium, rare earth elements, and uranium.

“Each institution will serve as a dedicated referee for specific mineral clusters within the region,” Soda explained.

Specialised Centres Across the Country

The decentralised arrangements assign specific mandates to each institution:

The National University of Science and Technology and Great Zimbabwe University will anchor platinum group metals and battery minerals.

Midlands State University will provide analytical oversight for iron ore, chrome, and vanadium corridors.

Manicaland State University of Applied Sciences will focus on the national diamond and gemmology suite.

Chinhoyi University of Technology and Bindura University of Science Education will specialise in industrial minerals, phosphates, and graphite.

Gwanda State University will serve Matabeleland South Province on geology and beneficiation for artisanal and small-scale miners.

The Zimbabwe School of Mines will function as an integrated core hub for specialised training.

The laboratory network comes nearly two months after the government imposed an immediate suspension of all raw mineral and lithium concentrate exports on 25 February 2026.

That ban, still in effect for non-compliant producers, was triggered by evidence of widespread under-declaration of mineral content, transfer pricing, and smuggling. Without domestic laboratory capacity, the government had no independent means to verify what exporters were declaring.

The new network allows the government to certify mineral content locally, eliminating the delays, costs, and strategic risks associated with sending samples to laboratories in South Africa, Europe, and China.

“This pillar is designed to close the leakages that have perennially prejudiced the country of huge earnings from its vast mineral wealth,” Hon. Soda said.

Cabinet also approved a consolidated legal framework to operationalise the mineral value chain, with the four pillars to be supported by reliable energy supply, self-generation incentives for beneficiation projects, and environmental, social, and governance initiatives. The Ministry of Mines and Mining Development will be strengthened to undertake the added responsibilities.

The laboratory network is expected to be rolled out in phases, with the University of Zimbabwe apex hub operational first, followed by regional centres at NUST, Great Zimbabwe University, and Midlands State University.

Gold buying prices in Zimbabwe per gram/ ounce, 15 April 2026

Gold buying prices in Zimbabwe per gram/ ounce, 15 April 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above144.874,505.96
SG 85% but less than 90%143.334,458.06
SG 80% but less than 85%141.804,410.47
SG 75% but less than 80%140.274,362.89
Sample (5–10g)137.974,291.34
Fire Assay CASH145.634,529.60

 

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.

Only large-scale lithium concentrate producers have been approved for export

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Zimbabwe has granted lithium export quotas to six large-scale concentrate producers, Mines Minister Dr Polite Kambamura has confirmed, while clarifying that the February export ban has been “softly lifted” under strict conditions designed to protect existing investments and weed out unethical behaviour.

By Rudairo Mapuranga

The six approved companies are Sinomine’s Bikita Minerals, Chengxin Lithium’s Sabi Star Mine, Yahua Group’s Kamativi Lithium Company (KMC), Huayou Cobalt’s Prospect Lithium Zimbabwe (Arcadia Lithium Mine), Tsingshan’s Gwanda Lithium Mine, and Mutapa Investment Fund-owned Sandawana Mines.

“Only large-scale lithium concentrate producers have been approved,” Kambamura said when asked to clarify which companies qualified for quotas.

Six Producers, Six Quotas

The confirmation follows a report by state media China Securities Journal that Sinomine Resource and Chengxin Lithium had received quotas. Kambamura has now expanded the list to include all major players.

According to the companies’ operational data:

Chengxin Lithium’s Sabi Star Mine has an annual production capability of approximately 290,000 tonnes of lithium concentrate.

Sinomine’s Bikita Minerals has rapidly expanded operations at its historic mine, which has operated for over 70 years.

Yahua Group’s Kamativi Lithium Mine achieved an annual processing capacity of 2.3 million tonnes of raw ore in mid-November 2025.

Huayou Cobalt’s Prospect Lithium Zimbabwe has invested US$1.1 billion in the country, with Arcadia Technology Zimbabwe commissioning Africa’s first lithium sulphate plant in Q1 2026.

Tsingshan’s Gwanda Lithium Mine completed its multi-million-dollar plant and produces 1,500 tonnes per day of lithium concentrate.

Sandawana Mines, owned by the Mutapa Investment Fund, has confirmed resources of approximately 100 million tonnes of lithium-bearing ore.

Quotas, Not Open Access

Kambamura elaborated on the new export regime, emphasising that the era of unrestricted exports is over.

“We came up with 11 conditions for the lithium producers, and the government can now give them export quotas,” the Minister said. “They can no longer export freely what they think they can export, in terms of volume, tonnage, export consignments, and so forth.”

He clarified that full export access will only resume after key beneficiation milestones are met.

“We can only open this after 1 January 2027. So for now, we give them export quotas, the rationale being to avoid disruptions associated with resource depletion while setting up beneficiation facilities, as expected by the government.”

Why the Ban Was “Softly Lifted”

The Minister explained that the decision to allow limited exports under quota was driven by the need to protect significant investments already made in the country.

“We based on those conditions to softly lift the ban so that we protect the investments that they have already put into the country after the government had approved those facilities.”

But he was unequivocal about what the ban was always intended to achieve.

“The purpose of the ban was to weed out unethical behaviours that were now mushrooming within the sector, and also middlemen that were coming in—briefcase companies and exporters being used by some producers to smuggle minerals out—to check under-declarations, stop mineral under-declarations, and improve mineral accountability.”

A Roadmap Agreed with Producers

Kambamura stressed that the new regime is the result of an agreement between the government and lithium producers.

“We are working well with the producers. We are in agreement on the roadmap to setting up proper beneficiation facilities, mandatory declaration of all minerals before export, and setting up other facilities to separate economic minerals within the export consignment of lithium prior to export.”

The 11 Conditions Remain in Force

The quotas are just one element of the 11 conditions issued to the Chamber of Mines on 7 April 2026. Other conditions include:

  • Written commitments and timelines to establish lithium sulphate plants by 1 January 2027
  • Mandatory publication of annual financial statements from December 2025 onward
  • Full compliance with labour, safety, and environmental standards
  • Establishment of assay laboratories at each producing mine within three months
  • Monthly progress reports to a ministerial committee

A 10% export tax remains in place on lithium concentrate shipments until the January 2027 deadline takes effect.

Shares of Shenzhen-listed Chengxin Lithium reached the 10% daily price limit on Monday following the initial quota confirmation, while Sinomine Resource shares closed 6.6% higher.

The confirmation from Minister Kambamura puts to rest speculation about the status of Zimbabwe’s lithium export ban. The ban has not been fully lifted. It has been calibrated, replaced by a quota system that gives government control over volumes while protecting existing investments and enforcing a strict beneficiation timeline.

For the six large-scale Chinese producers, the message is clear: comply with the 11 conditions, meet the January 2027 deadline for lithium sulphate plants, and exports can continue under quota. Fail to comply, and the door remains closed.

For Zimbabwe, the arithmetic is equally clear: the era of uncontrolled raw mineral exports is over, replaced by a system designed to capture value, ensure accountability, and ensure the country’s lithium wealth works for its people.

BREAKING: Zimbabwe grants Export Quotas to six Lithium Miners, ban softly lifted

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Zimbabwe has granted lithium export quotas to six operating mines in the country.

Minister of Mines and Mining Development, Dr. Polite Kambamura, confirmed the development while clarifying that the February export ban has been “softly lifted” under strict conditions designed to protect existing investments and weed out unethical behaviour.

The Minister elaborated on the new export regime, emphasising that the era of unrestricted exports is over.

“We came up with 11 conditions for the lithium producers, and government can now give them export quotas,” Kambamura said. “They can no longer export freely what they think they can export, in terms of volume, tonnage, export consignments, and so forth.”

However, he clarified that full export access will only resume after key beneficiation milestones are met.

“We can only fully open this after 1 January 2027. So for now, we are giving them export quotas, the rationale being to avoid disruptions associated with resource depletion while beneficiation facilities are being established, as expected by government.”

This is a developing story

Gold buying prices in Zimbabwe per gram/ ounce, 13 April 2026

Gold buying prices in Zimbabwe per gram/ ounce, 13 April 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above142.684,437.35
SG 85% but less than 90%141.174,390.37
SG 80% but less than 85%139.664,343.39
SG 75% but less than 80%138.154,296.41
Sample (5–10g)135.894,226.13
Fire Assay (CASH)143.444,461.98

 

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.

Mining Contracts Lifts Masimba Holdings Cashflows, but Margins Under Pressure

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Masimba Holdings’ 2025 performance was supported in part by growing exposure to private sector contracts, including mining-related infrastructure work, which helped lift revenue and strengthen cash flows. However, rising costs continued to weigh on profitability, resulting in a decline in margins, Mining Zimbabwe can report.

By Ryan Chigoche

Revenue rose 9.6% to ZWG1.6 billion for the year ended 31 December 2025, driven by increased activity in private sector projects. Within this mix, mining-linked infrastructure work played a supporting role, alongside housing and commercial developments, as the contractor deepened its exposure to clients outside the public sector.

Operating cash flows increased 68% to ZWG129 million, while working capital improved to ZWG500 million, reflecting stronger collections from private clients. The shift toward privately funded projects, including mining-related contracts, helped ease long-standing payment delays typically associated with government infrastructure work.

Private sector contracts now account for 56% of total revenue, up from 46% a year earlier, underscoring the group’s gradual pivot toward mining and other non-state-driven projects. While Masimba does not disclose mining revenue separately, industry exposure through civil works and infrastructure delivery continues to grow.

The group’s order book stood at US$278 million, covering mining, housing, and broader infrastructure projects. Management cautioned, however, that execution timelines remain sensitive to domestic liquidity constraints, particularly in public sector-linked work.

Despite stronger cash generation, profitability weakened. EBITDFVA declined 10% to ZWG319 million, with margins narrowing from 24% to 20% as cost inflation outpaced revenue growth.

Mining and heavy civil engineering projects are typically cost-sensitive, and the results suggest that while activity levels have improved, particularly from private sector and mining-related contracts, rising input costs are limiting the translation of higher volumes into stronger earnings.

Profit before tax rose marginally to ZWG220 million, supported by a ZWG39 million fair value gain on investment properties. Excluding this one-off gain, underlying profit before tax fell 17% to ZWG181 million, reflecting weaker core performance.

Capital expenditure increased to ZWG109 million, directed toward an asphalt plant and quarry operations aimed at strengthening the group’s capacity to service infrastructure demand, including mining-related supply chains such as roadworks and materials.

The expansion was partly funded through borrowings, with total debt rising 30% to ZWG107 million, increasing balance sheet pressure in a lower-margin environment.

Despite the earnings pressure, the board declared a 30% increase in dividends to 0.61 US cents per share, supported by stronger cash flows.