Zimbabwe’s mining sector posted a robust performance in the first six months of 2025, with export earnings climbing to US$2.81 billion, up from US$2.03 billion in the same period last year, Mining Zimbabwe can report.
By Ryan Chigoche
This is according to the RBZ Midterm Monetary Policy Statement, which reported that total export earnings for the same period stood at US$3.95 billion, compared to US$3.14 billion in the first half of 2024, a 25.7% increase.
Mining was the clear driver of this growth, with its earnings surging 38.6% year on year. This saw the sector’s contribution to total exports rise from around 64% in 2024 to roughly 71% in 2025, underscoring its central role in sustaining Zimbabwe’s foreign currency inflows.
The latest RBZ data highlights the mining sector’s resilience amid fluctuating global commodity prices.
Gold led the charge, with export revenues soaring 57.6% to US$1.38 billion from US$878.5 million in 2024. This was underpinned by record deliveries, as official gold output rose nearly 46% to 20,103 kg from 13,784 kg in the same period last year.
Platinum also delivered a strong performance, with earnings up 24.9% to US$797.2 million, supported by a rebound in global prices after a prolonged slump. Prices of PGMs staged a notable recovery in the second quarter of 2025, with platinum climbing around 40% including a record-breaking 28% jump in June alone, the strongest monthly performance since 1986. This rally pushed platinum prices to an 11-year high of about US$1,432 per ounce in June. Palladium gained over 15%, while rhodium surged around 20%, further boosting earnings.
In a surprising turnaround, the struggling diamond subsector recorded the sharpest growth rate, with export earnings more than tripling to US$134.86 million from US$43.13 million, a 212.7% increase.
This growth came despite a 60% drop in export volumes, as reported by the Chamber of Mines Zimbabwe in its latest quarterly brief, suggesting higher prices or improved value addition played a role.
Other notable gains came from coke exports, which rose 55.9% to US$89.4 million, and other minerals, which brought in US$22.6 million, up 4.6% from last year.
However, not all subsectors performed positively. Lithium ore exports slipped 0.6% to US$214.6 million, while chrome ore and ferrochrome earnings dipped 0.4% to US$149.6 million.
The strong half-year outturn reinforces mining’s position as Zimbabwe’s top foreign currency earner, responsible for the majority of the country’s US$3.95 billion in exports. With gold, platinum, and diamonds performing strongly, analysts believe the sector is on track to surpass last year’s full-year earnings, provided global prices remain favourable and production disruptions are minimised.
Meanwhile, the country’s mineral revenue covering the entire year is forecast to reach US$6.2 billion in 2025, up from US$5.9 billion in 2024. This implies a full-year sector growth target of approximately 5.1% year on year.
The sector, however, continues to face significant headwinds that threaten its growth potential.
Chief among these are the RBZ’s 30% retention policy and delays in disbursing liquidated foreign currency proceeds under the same framework.
According to numerous industry experts, these policies are deterring further investment into the sector, potentially capping its ability to deliver even stronger results in the future.
