By Victor Fanuel
HARARE — The Minerals Marketing Corporation of Zimbabwe (MMCZ) has reported a record performance for the first quarter of 2026, with mineral sales surging to US$983.85 million, following the government’s ban on exports of unbeneficiated minerals introduced in February.
The policy shift, aimed at forcing local beneficiation and value addition, has reshaped Zimbabwe’s mining export structure, with total sales reaching 1,288,761 metric tonnes, a 27% increase in volume and a 79% rise in value compared to the same period in 2025.
Platinum group metals (PGMs) remained the top revenue driver, contributing US$543.97 million, supported by strong global demand and firmer prices.
Lithium also posted a strong performance, rising to US$178.64 million, more than doubling in value year-on-year as the sector benefits from growing demand for battery minerals.
MMCZ said the lithium export restrictions temporarily disrupted global supply chains but strengthened Zimbabwe’s position in the battery materials market through increased emphasis on domestic processing.
Steel recorded one of the strongest gains, with revenue rising by 254% to US$68.22 million, driven by increased production of value-added products and regional demand.
Coal and coke exports also grew in volume, particularly into South Africa, reinforcing Zimbabwe’s role as a regional energy supplier.
Ferrochrome exports declined in volume, although pricing improved slightly due to a more favourable product mix.
Diamond revenues, however, fell by 29% to US$21.55 million, weighed down by weaker global prices and increasing competition from lab-grown diamonds.
MMCZ said global commodity markets entering Q2 2026 remain volatile, citing geopolitical tensions including the ongoing USA–Iran conflict, which has pushed up energy costs and contributed to higher prices for select minerals.
Despite the uncertainty, the corporation said Zimbabwe is positioned to benefit from its beneficiation drive under Vision 2030, as global demand for critical minerals continues to rise.
