Source: First quarter mineral sales rake in US$1bn – herald
Africa Moyo
Deputy National Editor
ZIMBABWE’s mineral sector recorded a strong first-quarter performance, raking US$983,85 million from mineral sales, with lithium and Platinum Group Metals (PGMs) emerging as the top performers following Government’s bold decision to ban exports of unbeneficiated minerals.
The policy intervention, enacted on February 25, accelerated value addition and beneficiation across the mining sector, helping push total mineral sales to 1 288 761 tonnes valued at US$983,85 million in the first quarter.
Statistics from the Minerals Marketing Corporation of Zimbabwe (MMCZ) show that the performance surpassed figures recorded from the same period last year by 27 percent in volumes and 79 percent in value, placing the corporation on track to potentially exceed its annual revenue target of US$3,5 billion.
Lithium recorded one of the strongest performances during the quarter, with sales reaching 240 826 tonnes valued at US$178,64 million, representing a 2 percent jump in volume and a remarkable 106 percent surge in value compared to the first quarter of last year.
MMCZ general manager Dr Nomusa Moyo said Government’s beneficiation policy had strengthened the country’s strategic position in the global battery minerals market.
“Government’s ban on lithium concentrates exports, while producing short-term disruption to global spot supplies, has solidified Zimbabwe’s strategic influence over the global battery supply chain through domestic processing,” said Dr Moyo.
“As a supplier of approximately 15 percent of the spodumene imported into China, Zimbabwe is a critical and vertically integrated partner for the world’s leading battery manufacturers, and the shift to processed products is projected to drive lithium export revenues beyond US$1 billion, significantly amplifying the sector’s contribution to national GDP.”
Spodumene is a naturally occurring mineral that serves as one of the world’s most important sources of lithium.
PGMs also delivered an impressive performance during the first quarter, contributing a combined US$543,97 million in export revenue across concentrate and matte categories.
PGM concentrate sales reached 30 178 tonnes valued at US$191,73 million, representing a 98 percent increase in volume and a 319 percent surge in value against the same period last year.
PGM matte sales amounted to 3 080 tonnes valued at US$352,24 million.
Although volumes declined by 38 percent from the first quarter of last year, export earnings increased by 69 percent due to stronger international prices.
MMCZ attributed the strong PGM performance to firming global demand for minerals, particularly in automotive, industrial and clean energy sectors.
Steel products also posted one of the quarter’s best performances, with sales reaching 190 612 tonnes valued at US$68,22 million.
This represented a 150 percent increase in volume and a 254 percent rise in value compared to the same period last year.
The growth was largely driven by increased production of value-added steel products and strong regional demand.
Coal and coke exports also recorded strong growth during the quarter, with sales reaching 491 318 tonnes valued at US$50,77 million, a 30 percent increase in volumes from the same period last year.
MMCZ said the increase was driven by sustained regional demand, particularly from South Africa.
Combined ferrochrome and ferro-alloy sales reached 67 405 tonnes valued at US$65,81 million.
Although volumes and values declined compared to the last quarter of last year, average realised prices improved due to a favourable product mix and resilient pricing.
Diamond sales, however, remained under pressure, with exports amounting to 784 764 carats valued at US$21,55 million, reflecting declines of 11 percent in volume and 29 percent in value compared to the same period last year.
The MMCZ said the performance was affected by production challenges and continued pressure on natural diamond prices from increased competition from lab-grown diamonds.
Going into the second quarter of 2026, the global commodity environment remained characterised by both opportunities and uncertainty, largely influenced by geopolitical tensions and rising global demand for critical minerals, said the MMCZ.
“The ongoing USA-Iran conflict remains the most consequential variable for global mineral markets. Disruption to the Strait of Hormuz, through which approximately 20 percent of global oil flows, has driven energy costs higher, increasing production costs for energy-intensive metals.
“Since hostilities escalated, prices for select critical minerals have risen by more than 125 percent, while base metal prices have increased between 30 percent and 130 percent, driven largely by aerospace and defence demand,” said the MMCZ.
The MMCZ is a State-owned enterprise mandated to market and sell all of the country’s mineral resources, excluding gold and silver, in a transparent, efficient and value-maximising manner, contributing to national economic growth and the attainment of Vision 2030 of an empowered upper-middle-income society.
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