ZIMBABWE’S platinum industry is projected to generate US$2 billion in export earnings next year, underpinned by stronger metal prices, expanding operations and resilient global demand.
The positive trajectory comes as the country’s platinum group metals (PGMs) industry rebounds from a period of depressed prices, with exports surging despite lower production and producers ramping up expansion projects across the mineral-rich Great Dyke.
In a presentation at the recently held Chamber of Mines of Zimbabwe (CoMZ) annual conference in Victoria Falls, made on his behalf by Mimosa Mining Company managing director Mr Fungai Makoni, who is also the chamber’s president, Platinum Producers Association chairman Mr Alex Mhembere said the outlook is encouraging.
“While the market dynamics continue to play out, we are encouraged by the short to medium-term prospects for the platinum industry, supported by structural supply deficits and resilient demand, albeit with long-term structural transitions.
“In the outlook for 2026, the Chamber of Mines estimates show that the PGMs output is expected to increase by an average of five percent with PGMs exports projected to reach US$2 billion.”
The strong export performance has reinforced expectations of further growth next year as global demand remains firm and mining companies continue investing in capacity expansion and beneficiation projects.
Despite operational headwinds that weighed on production last year, the local PGMs industry recorded a massive increase in export earnings.
Platinum output declined to 17 882 kilogrammes last year from 18 911kg in 2024, while palladium production fell to 14 620kg from 15 603kg.
Mr Mhembere, however, said the rising international prices more than compensated for the lower output.
“Despite output for key elements in the PGM basket decreasing during the period under review, PGMs exports increased to US$1,9 billion in 2025, from US$1,5 billion in 2024.
“This, in large part, reflected a strong recovery in prices for key elements of the PGM basket in 2025,” he said.
The platinum industry remains one of Zimbabwe’s most important economic pillars, accounting for more than 40 percent of mineral export earnings over the past five years and providing about 18 000 direct jobs.
PGMs are Zimbabwe’s second largest export earner after gold, which earned the country US$4,6 billion last year.
The sector has also emerged as a major contributor to national revenues, with producers paying an average of 20 percent of their earnings to Government through taxes and levies while supporting thousands of additional jobs through supplier networks and community development initiatives.
Zimbabwe hosts the world’s third-largest PGMs reserves, with an estimated 32 million ounces of platinum, palladium and rhodium resources contained within the Great Dyke, one of the globe’s richest geological formations.
Existing producers are undertaking expansion programmes while new projects are advancing towards production.
“With new entrants into the PGM space, including Karo, Great Dyke Investments and Bravura, which are at various stages of implementation — and with a supportive policy environment, the platinum sector is set for significant growth in the medium term,” said Mr Mhembere.
The industry is also accelerating beneficiation and value-addition initiatives in line with the Government’s vision of maximising returns from the country’s mineral wealth.
The local PGMs industry is anchored by three major producers —Zimplats, Unki and Mimosa.
Mr Mhembere said producers were expanding smelting capacity to ensure all platinum concentrates are processed locally, while additional investments are being made to strengthen downstream processing capabilities.
It is hoped that the projected rise in exports would boost foreign currency inflows, support economic growth and reinforce the mining sector’s position as a key driver of Zimbabwe’s industrialisation agenda.
In pursuit of value addition and beneficiation agenda, authorities have announced that PGM producers will be required to move up the value chain and further beneficiate PGM matte to residue and ultimately isolate the individual metals, including platinum, palladium and rhodium.
PGM matte to residue processing involves leaching the base metals from the sulfide matte using acid (like sulfuric acid) with oxygen, leaving behind a PGMs-rich solid residue that concentrates the precious metals for further refining, often through roasting and selective leaching to remove sulfur and other impurities before final precious metal recovery.
The policy thrust comes as Zimbabwe seeks to sharpen its focus on value addition and industrialisation as enunciated in the National Development Strategy 2 (NDS2) (2026-2030), Zimbabwe’s five-year economic blueprint to 2030.
According to the NDS2 policy document, the thrust will be underpinned by restrictions on exports of PGM concentrates, a move aimed at encouraging increased domestic beneficiation.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube is on record as saying that during the NDS1 period (2021-2025), PGMs mining houses made notable progress in beneficiating output, resulting in the country now having adequate capacity to process PGMs from concentrates to matte. – Herald
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