Zimbabwe’s mining sector has undergone a significant expansion since President Emmerson Mnangagwa took office in 2017, with gold production reaching record levels, lithium emerging as a major export earner and investment in mining and mineral processing reshaping the industry’s contribution to the economy, Mining Zimbabwe can report.
By Rudairo Mapuranga
The transformation is evident in the production figures, the changing composition of mineral exports and the growing importance of mining to Zimbabwe’s foreign currency earnings. It also reflects a policy shift towards expanding production, attracting investment and encouraging more mineral value addition within the country.
While mining companies, investors and miners have been central to this growth, the Mnangagwa administration deserves recognition for making the sector a key pillar of its economic development strategy.
The scale of the change becomes clearer when the industry’s performance is traced from 2017 through the record results of 2025 and the latest figures for 2026.
From the 2017 baseline to a larger mining industry
Zimbabwe’s Mining Sector: 2017 vs Latest Performance
| Indicator | 2017 baseline | Latest figure in article |
|---|---|---|
| Gold deliveries | 24.8 tonnes | 46.73 tonnes (2025) |
| Small-scale gold deliveries | 13.2 tonnes | 34.9 tonnes (2025) |
| Large-scale gold deliveries | 11.6 tonnes* | 11.8 tonnes (2025) |
| Mineral export earnings | US$2.7 billion | US$5.4 billion (2022) |
| Mineral sales excluding gold | — | US$4.74 billion (Jan–Sep 2026) |
| Gold delivery value | — | US$5.20 billion (Jan–Sep 2026) |
| Combined mineral sales and gold-delivery value | — | US$9.93 billion (Jan–Sep 2026) |
When Mnangagwa assumed office in 2017, Zimbabwe’s mining industry was already an important source of export earnings, employment and industrial activity. Gold deliveries to Fidelity Gold Refinery (FGR) stood at approximately 24.8 tonnes, while mineral export earnings were around US$2.7 billion.
The Government subsequently set an ambitious target of building a US$12 billion mining industry by 2023, reflecting its intention to increase production, attract capital and expand the sector’s contribution to the economy.
The industry has since recorded substantial growth, although the original target was not achieved by its initial deadline on a comparable mineral-export-earnings basis.
By 2022, mineral export earnings had increased to approximately US$5.4 billion. The expansion continued as established producers invested in their operations, new projects entered the development pipeline and international demand supported investment in gold, lithium and other minerals.
The growth has not been uniform across all commodities or driven by one policy alone. However, the sector’s increasing economic importance reflects the Government’s emphasis on mining as a source of foreign currency, fiscal revenue and industrial development.
The challenge has increasingly shifted from expanding mineral production alone to ensuring that investment generates sustainable output, greater local processing and wider economic benefits.
Gold production nearly doubles from 2017
Gold provides one of the clearest measures of the industry’s progress.
Zimbabwe delivered approximately 24.8 tonnes of gold in 2017. By 2024, deliveries had increased to 36.49 tonnes before reaching a record 46.73 tonnes in 2025.
The 2025 result represented an increase of approximately 88 per cent compared with 2017 and a year-on-year rise of about 28 per cent from 2024.
The upward trajectory continued into 2026. By the end of September, gold deliveries had reached approximately 35.88 tonnes, with September alone contributing about 4.72 tonnes.
Quarterly deliveries also strengthened during the year, rising from 9.31 tonnes in the first quarter to 12.09 tonnes in the second and 14.48 tonnes in the third.
These figures demonstrate the scale of gold’s contribution to Zimbabwe’s mining economy and the importance of sustaining production across both small-scale and large-scale operations.
The Government’s support for formal gold marketing, the expansion of buying infrastructure and efforts to bring more miners into the regulated economy have formed part of the environment in which this growth has occurred. The expansion has also been supported by the efforts of producers responding to international prices and commercial opportunities.
For Zimbabwe, higher gold deliveries mean more metal entering formal channels, strengthening the country’s capacity to generate export earnings from one of its most established mineral resources.
Small-scale miners become the driving force
One of the most significant changes since 2017 has been the growing contribution of artisanal and small-scale miners (ASM).
In 2017, small-scale producers delivered approximately 13.2 tonnes of gold, accounting for slightly more than half of national deliveries. By 2025, their contribution had risen to approximately 34.9 tonnes, compared with 11.8 tonnes from large-scale producers.
Small-scale miners therefore accounted for roughly three-quarters of Zimbabwe’s record gold deliveries in 2025.
This shift has fundamentally changed the structure of the country’s gold industry. Small-scale mining has become central to official production, foreign currency generation and the livelihoods of mining communities.
The expansion also highlights the importance of policies that improve access to formal gold-buying channels, finance, equipment and geological information. Decentralised buying facilities can reduce the distance miners must travel to sell their production, while formalisation can help improve access to regulated markets and support better monitoring of operations.
Mnangagwa’s administration deserves credit for recognising the strategic importance of small-scale mining and making its contribution part of the wider production agenda.
The next stage is to ensure that rising output is accompanied by safer working conditions, improved mechanisation, responsible environmental management and greater access to formal finance. These measures would help sustain production while improving the long-term viability of small-scale operations.
Lithium transforms the mineral export landscape
While gold remains central to Zimbabwe’s mining industry, lithium has emerged as one of the most important developments of the Second Republic.
Investment in Bikita Minerals, the Arcadia project and other lithium assets has expanded the country’s participation in international battery-mineral supply chains. The growth has brought new capital into the sector and increased the importance of mineral processing as part of Zimbabwe’s industrial development strategy.
The change was particularly evident in the first nine months of 2026, when lithium products generated approximately US$2.16 billion in mineral sales, overtaking platinum group metals at about US$1.73 billion.
This represents a major shift in the composition of Zimbabwe’s mineral export earnings. A mineral that previously occupied a much smaller place in the country’s mining economy has become one of its leading contributors.
The development has been supported by growing international demand for battery minerals and investment in Zimbabwe’s lithium resources. Government policy has also increasingly focused on ensuring that the country captures more value from these resources before they leave its borders.
The emergence of lithium illustrates the importance of mineral diversification. It creates opportunities to attract investment beyond traditional gold and platinum operations while expanding demand for technical services, infrastructure and processing capacity.
The challenge is to ensure that the investment translates into durable productive assets, commercially viable operations and stronger domestic industrial linkages.
Beneficiation becomes a defining policy priority
The Government’s emphasis on beneficiation and value addition represents another important feature of mining policy under Mnangagwa.
The objective is to increase the amount of processing undertaken in Zimbabwe, allowing the country to capture more value from its mineral resources through industrial activity, skilled employment and higher-value exports.
Lithium has become a major focus of this approach. Restrictions on exports of unprocessed lithium and the Government’s plans to tighten controls on lithium concentrate exports have placed greater pressure on producers to develop local processing capacity.
The success of this strategy will depend on the establishment and operation of suitable facilities, supported by reliable electricity, competitive costs, technology and access to markets for processed products.
Chrome and ferrochrome provide another important measure of progress. High-carbon ferrochrome production reportedly increased by 40.7 per cent year-on-year in the first quarter of 2026 to 65,365 tonnes, highlighting the importance of processing activity alongside raw mineral extraction.
Beneficiation can create additional opportunities for engineering companies, equipment suppliers, transport operators and skilled workers. It can also strengthen the links between mining and manufacturing, broadening the sector’s contribution to the economy.
The Government has placed this objective firmly on the mining agenda. Its long-term success will be measured by the processing capacity established, the volumes processed locally and the value retained within Zimbabwe.
Investment and the development of mining capacity
The expansion of Zimbabwe’s mining sector has also been supported by investment in established operations and the development of new mineral projects.
Gold producers have continued to invest in production, while platinum operations have maintained their importance through mining and processing activities. Chrome, coal and diamonds remain significant contributors, and lithium has added a new source of growth.
These developments have implications beyond the mines themselves. Mining investment generates demand for construction, engineering, transport, electricity, water supply, machinery and other services.
The Government’s efforts to position Zimbabwe as an investment destination have formed part of the broader expansion, although the decisions of individual companies have also depended on commodity prices, geological potential, financing costs and operational considerations.
A meaningful assessment of progress must therefore look beyond announced investments to projects that have reached production, expansions that have increased capacity and processing facilities that are operating.
For the administration, the priority is to sustain investor confidence and ensure that projects move efficiently from exploration and development into production. For the industry, continued investment is essential to maintaining output, extending mine life and discovering resources that can support future growth.
Mining’s growing importance to the national economy
The expansion of mining has strengthened its role as a source of foreign currency, government revenue and economic activity.
By the end of September 2026, mineral sales excluding gold had reached approximately US$4.74 billion, while gold deliveries were valued at about US$5.20 billion. Together, the two figures amounted to approximately US$9.93 billion in mineral sales and gold-delivery value.
The figures illustrate the scale of mining’s contribution to Zimbabwe’s export economy, with gold and lithium particularly important to recent performance.
The sector also contributes through corporate taxes, royalties, employment and demand for goods and services. Its performance has implications for foreign currency availability, public finances and the development of industries that supply or process minerals.
However, stronger export earnings alone do not guarantee that all communities benefit equally from mining growth. The long-term value of the sector will also depend on responsible operations, local procurement, skills development, environmental management and investment in the infrastructure required to support production.
These remain important areas in which government, mining companies and other stakeholders must work together to ensure that mineral wealth generates broader economic benefits.
The next stage of the Mnangagwa mining agenda
Zimbabwe’s mining sector is considerably larger and more diversified than it was in 2017. Gold deliveries have increased from approximately 24.8 tonnes to a record 46.73 tonnes in 2025, small-scale miners have become the dominant contributors to official gold deliveries, and lithium has emerged as a major source of mineral export earnings.
The industry has also placed greater emphasis on beneficiation, reflecting the Government’s objective of moving beyond raw mineral exports towards higher-value domestic processing.
These achievements provide a strong basis for recognising the contribution of Mnangagwa’s administration. Its emphasis on mining as a driver of economic development, investment and value addition has helped shape the direction of the sector.
At the same time, the progress reflects the efforts of mining companies, small-scale producers, investors and workers, alongside international market conditions that have influenced production and earnings.
The next measure of success will be whether Zimbabwe can sustain production growth, attract long-term capital, expand processing capacity and translate mineral wealth into more jobs, stronger industrial linkages and lasting economic benefits.
Since 2017, mining has become an even more important pillar of Zimbabwe’s economy. The figures show how far the industry has come under Mnangagwa’s presidency, while the challenge ahead is to ensure that the growth already achieved becomes the foundation for a more productive, diversified and industrialised mining sector.
