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In a powerful demonstration of economic resilience, Zimbabwe’s mineral sector is not only weathering global headwinds but is charging ahead, with official figures projecting the nation will meet a staggering US$3.2 billion revenue target for 2025 from minerals excluding gold and silver, Mining Zimbabwe can report.
By Rudairo Mapuranga
Driven by spectacular price surges in Platinum Group Metals (PGMs) and strategic market expansion, the Minerals Marketing Corporation of Zimbabwe (MMCZ) has reported US$2.36 billion in exports for the first nine months of the year, setting a solid foundation to smash annual forecasts and cement mining’s role as the nation’s primary economic pillar.
The narrative of resilience is the central theme of the MMCZ 2025 Annual General Meeting. While the global economy faces turbulence, Zimbabwe’s diverse mineral portfolio has served as a robust shield. The US$2.36 billion earned by September, a 0.7% increase over the same period in 2024, is particularly impressive given that the volume of exports dramatically outperformed expectations.
MMCZ sold 3.84 million tonnes of minerals, a staggering 45% above the budgeted 2.65 million tonnes. This indicates that operational recovery and increased production are synergising with favourable market conditions.
The confidence in hitting the year-end target is firm. As the General Manager, Dr. Nomsa Moyo, stated, “We expect to meet our target of $3.2 billion, some millions of dollars after 3.2… And this is because of the upward trend in terms of our prices.” She elaborated on the global context, noting, “And given the developments globally, we are hopeful, despite the challenges that we have of these tariffs and other sanctions that are being imposed to different countries… we still remain positive that production will increase. And the prices, though the commodity market may be volatile, we are still hopeful. The outlook looks good.”
This optimism is firmly rooted in concrete price data. Dr. Moyo provided the exact figures: “We had an increase of 54% in terms of price increase. We’ve got about 7.54% in terms of lithium. And we’ve got about 10% in terms of our chrome.” The PGM basket price, a crucial metric for Zimbabwe’s top export earner, has indeed skyrocketed year-on-year. This single factor transformed PGM matte sales into a billion-dollar business line, generating US$1.05 billion alone. When combined with strong contributions from ferrochrome and coke, the sector’s momentum appears unstoppable.
However, the MMCZ is not blind to the challenges. The report explicitly acknowledges that logistics and infrastructure remain key constraints on market expansion. Dr. Moyo highlighted this, explaining that for bulky commodities, “the challenge of our infrastructure to move with much volumes at a given time… places a bit of a competitive disadvantage when we then look at the logistics cost.”
Furthermore, the diamond sector continues to face intense pressure. Dr. Moyo confirmed, “Yes, the challenge of diamonds is with us. People are preferring lab-grown diamonds, which are cheaper.” She noted that prices in the last quarter ending in October “have been suppressed because of these lab-grown diamonds.” Yet, even here, there is a glimmer of hope. “But you know there are some people who value natural diamonds,” she said, “So we’ve seen a slight increase in terms of demand for our rough diamonds.” This has led to a price improvement, with the average per carat seeing “an upward trend of more than $20 per carat, depending on the type of diamonds.”
Zimbabwe’s mining sector is telling a story of strategic endurance. By leveraging its mineral wealth and navigating complex global markets, it is converting potential vulnerability into tangible economic strength. The projected US$3.2 billion revenue is not just a number; it is a testament to the sector’s critical role in driving national growth and securing foreign currency. As Dr. Moyo succinctly put it, “As minerals, we never go wrong,” proving that the nation can thrive amid a challenging international landscape.
