Zimbabwe’s mineral exports grew by 16% in volume during the first quarter of 2025, but earnings dropped sharply by 27% compared to the same period last year, the Minerals Marketing Corporation of Zimbabwe (MMCZ) has reported.
By Ryan Chigoche
A total of 1,021,296 metric tonnes of minerals were exported in Q1 2025, generating US$555.2 million. This compares to 883,301 metric tonnes valued at US$758.7 million in Q1 2024.
The significant drop in earnings was largely due to weaker sales in the platinum group metals (PGMs) segment, traditionally one of Zimbabwe’s top mineral revenue drivers.
According to MMCZ, the decline in value was driven by reduced sales of PGM concentrates, linked to delays in finalising a toll processing deal between Mimosa Mine and Zimplats. The arrangement, once implemented, will allow Zimplats to process material from Mimosa locally, increasing value retention in the country. Meanwhile, Unki Mine, another key PGM producer, experienced a production slowdown due to electricity supply issues during late 2024, further affecting output.
Despite these setbacks, PGM matte remained the leading revenue contributor, bringing in US$208.4 million from the export of 4,762 ounces. This matte was primarily produced by Zimplats and Unki, Zimbabwe’s two main smelting operations in the PGMs sector. Zimplats continues to operate the country’s largest smelter, while Unki’s vertically integrated setup has made it a consistent supplier of processed PGM material.
Spodumene, a lithium-rich mineral used in battery production, ranked second. A total of 244,414 metric tonnes were exported, earning US$83.5 million. The rise in spodumene exports reflects Zimbabwe’s growing role in the global lithium market, driven by operations such as Bikita Minerals, Prospect Lithium Zimbabwe, and Sabi Star. These projects are helping position the country as a key supplier in the electric vehicle and energy storage value chain.
In third place was high-carbon ferrochrome (HCFC), with exports of 98,129 metric tonnes generating US$73.4 million. HCFC producers benefited from stable production levels and improved efficiencies, especially in the Midlands and Mashonaland regions, where most of Zimbabwe’s ferrochrome smelters are located.
Coke, used in steelmaking and ferroalloy production, came in fourth. MMCZ reported exports of 264,331 metric tonnes worth US$51.8 million. The increase is largely attributed to ramped-up coal production in Hwange and better export logistics as demand rises across regional markets.
Rounding off the top five were PGM concentrates, with 15,250.8 metric tonnes exported, generating US$48.7 million. These concentrates primarily originate from Mimosa Mine, which currently lacks its own processing infrastructure. The delay in the tolling arrangement with Zimplats significantly reduced the value and volume of these exports.
While PGMs dominate the rankings, it is important to note that gold, historically Zimbabwe’s largest mineral export by value, is not included in the MMCZ report. This is because gold is marketed through Fidelity Gold Refinery, which falls under the Reserve Bank of Zimbabwe and operates separately from MMCZ.
Looking ahead, MMCZ expressed optimism for improved export performance in the second quarter.
“It is anticipated that there will be an improvement in export receipts in Q2, once the Mimosa/Zimplats toll processing arrangement is finalised,” MMCZ said in a statement.
The tolling agreement is expected to boost local beneficiation efforts, reduce the export of raw minerals, and strengthen Zimbabwe’s overall mineral revenue base.
