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Zimbabwe, a country with plenteousness of minerals, is sitting atop vast reserves of critical commodities. With smart investment and strategic value addition, like refining, smelting, and manufacturing, these resources could multiply national revenues, create jobs, and drive industrial transformation.
Below is a list of the top ten minerals with the highest potential to generate billions more for the country.
1. Platinum Group Metals (PGMs)
Zimbabwe holds around 2.8 billion tonnes of PGMs—ranking second globally—with deposits rich in platinum, palladium, rhodium, and other elements. Beneficiation (smelting, refining, and auto-catalyst production) will dramatically boost earnings.
Products if value added: Auto catalytic converters, jewellery, fuel cells, refined platinum bars, industrial catalysts.
Key demand markets: USA, Germany, Japan, China, South Africa, UK — with catalytic converters and hydrogen fuel cell markets leading demand.
2. Chrome
With over 10 billion tonnes of high-grade chromium ores along the Great Dyke, Zimbabwe is a key player in global stainless steel supply.
Products if value added: Ferrochrome, stainless steel, special alloys.
Key demand markets: China, South Korea, Japan, Germany, Italy — China consumes over 60% of the world’s ferrochrome for stainless steel.
3. Gold
A cornerstone of Zimbabwe’s mining economy, gold accounted for more than 30% of mineral earnings and totalled 32 tonnes delivered in 2024 via value-added exports of roughly US$5.34 billion.
Products if value added: Refined bullion, jewellery, coins, electronics components (microchips, circuit boards).
Key demand markets: India, UAE, Switzerland, USA, Turkey — India alone imports over US$40 billion worth of jewellery-grade gold annually.
4. Lithium
Holding Africa’s largest lithium reserves and ranking among the top globally, lithium exports rose from US$1.8 million (2018) to US$70 million (2022), reaching US$209 million (through September 2023). By 2023, lithium was expected to contribute US$500 million to mining revenue.
Products if value added: Battery-grade lithium carbonate/hydroxide, electric vehicle (EV) batteries, energy storage cells.
Key demand markets: China, USA, Germany, South Korea, India — the EV and energy storage industries are projected to surpass US$600 billion globally by 2030.
Zimbabwe plans to ban lithium concentrate exports from January 2027, after raw lithium ore ban from 2022. This signals a firm move toward domestic battery-grade processing and value retention.
5. Diamonds
The prolific Marange fields once produced 12 million carats in a year, worth hundreds of millions. Though the average rough value remains below US$50 per carat, cutting and polishing diamonds locally could yield substantial gains.
Products if value added: Polished diamonds, jewellery, precision-cut industrial diamonds.
Key demand markets: India, Belgium, UAE, USA, Hong Kong — India cuts and polishes 90% of the world’s diamonds, while the USA is the largest jewellery market.
6. Coal/ Coke
With 26 billion tonnes of coal—mainly in Hwange and surrounding areas—Zimbabwe could use coal for domestic power generation and export, alleviating energy deficits while earning revenue.
Products if value added: Coking coal for steel, power generation, coal tar chemicals, fertilisers.
Key demand markets: China, India, Japan, South Korea — India and China are the world’s top importers of coking coal for steel.
7. Iron & Steel (ZISCO)
Reviving the government-owned ZISCO Steel project, processing iron ore into finished steel, would spur local manufacturing and infrastructure development
Products if value added: Steel bars, sheets, construction steel, automotive steel.
Key demand markets: China, India, Vietnam, UAE, EU countries — China accounts for over 50% of global steel demand, while Africa’s infrastructure boom creates a growing regional market.
Currently, Dinson Iron and Steel is producing steel for export, which is a major game-changer for the country. South Africa’s biggest steel producer, ArcelorMittal, is moving ahead with plans to shut down its long steel operations, citing cheaper imports from Zimbabwe as another contributory factor.
8. Coloured Gemstones & Antimony
Antimony is vital for flame retardants; gemstones like emeralds, amethysts, and tourmalines can be cut/polished for export with high margins. Zimbabwe could emulate China’s billion-dollar gemstone jewellery industry.
Products if value added: Cut and polished gemstones, jewellery.
Key demand markets: India, Thailand, USA, UAE, UK — the global coloured gemstone market is valued at over US$40 billion, with Dubai emerging as a gemstone trading hub.
9. Nickel
Commonly co-located with PGMs, nickel is essential in batteries and stainless steel. Expansion in this segment could diversify Zimbabwe’s mineral export basket.
Products if value added: Nickel sulphate (for EV batteries), stainless steel, superalloys for aerospace.
Key demand markets: China, Indonesia, USA, Japan, Germany — demand for battery-grade nickel is skyrocketing due to the EV industry.
Zimbabwe is also an exporter of Nickel Matts, an intermediate metal product used in the production of materials for nickel-based batteries, such as nickel sulfate, as well as for stainless steel and other industries
10. Rare Earths
Beyond coal, Zimbabwe bears rare earth elements critical for green tech. Integrated value chains in these domains—combining beneficiation and efficient infrastructure—could unlock multicounty growth.
Products if value added: Magnets, wind turbine components, EV motors, smartphones, defence tech.
Key demand markets: China, USA, EU, Japan, South Korea — rare earths are critical for green technology and military applications, making them geopolitically strategic.
Summary Table
| Mineral | Raw Market Value | Value-Added Price (Estimated Multiplier) |
|---|---|---|
| PGMs (Platinum, etc.) | US$31k–302k/kg | ~2–5× via conversion & purity |
| Gold | US$59k/kg | ~1.5–3× refined or jewellery |
| Chrome (Ferrochrome) | Not specified | ~2–3× via alloying |
| Lithium (carbonate) | US$8.4–11k/t | ~5×+ for battery-grade |
| Diamonds (rough) | < US$50/carat (low-end) | ~5–8× polished |
| Coal & Coke | Not specified | ~2–4× processed |
| Iron / Steel | Not specified | ~2–3× refined steel |
| Nickel | US$15.3/kg (~US$15,328/t) | ~3–5× battery/alloy grade |
| Gemstones (rough) | Not specified | ~4–10× polished |
| REEs (Nd, Pr, Tb, Dy) | US$78k–1.98M/t range | ~5–10× magnets/alloys |
How “billions” are unlocked by value addition
PGMs (Pt/Pd/Rh) → autocatalysts & industrial catalysts. Fabrication (washcoating/canning) transforms mined PGMs into high-value components sold to global automakers; per-vehicle catalyst values in the hundreds to low-thousands of dollars scale rapidly across millions of vehicles.
Lithium/nickel → battery chemicals (LiOH/Li₂CO₃, NiSO₄) and precursor/cathode materials feed EV gigafactories in China/EU/U.S./Korea/Japan; each step (refining → salts → precursors → cells) compounds value-add.
Chrome → ferrochrome → stainless steel keeps the chrome value in-country if smelted locally, then rolled into flat/long products for construction and appliances.
Iron ore & coking coal → steel: integrated or mini-mill steel (HRC/rebar) trades at several times ore value per tonne and anchors downstream manufacturing.
Diamonds → polished & jewellery: cutting/polishing and jewellery fabrication capture the largest margins vs rough.
Value addition is not just an economic choice, it is Zimbabwe’s golden ticket to industrialisation.
