Zimbabwe expects record mining export earnings this year as gold and lithium prices rise, though miners warn high costs and new lithium rules could cap the gains.
Mining is the backbone of the economy, supplying around three quarters of export earnings and roughly an eighth of output. The Chamber of Mines of Zimbabwe (CoMZ) reported that mineral export revenue reached $8.01 billion in 2025, split between $4.61 billion from gold, handled by the Reserve Bank’s Fidelity Gold Refinery, and $3.401 billion from other minerals and metals.
The start of 2026 was uneven. Chamber chief executive Isaac Kwesu told journalists that gold output rose 10 percent in the first quarter and lithium jumped 54 percent, while several other minerals were still recovering. He expects the sector to gather pace from the third quarter.
Prices are doing much of the work. Gold has climbed to record highs as investors chase safe haven assets, while lithium and platinum group metals (PGMs) have begun to recover after a long slump. Gold deliveries to the state Fidelity Gold Refinery rebounded in May, rising almost 19 percent from April to about 3,951 kilogrammes, according to official figures.
The upswing runs into familiar limits. Kwesu said Zimbabwe’s energy costs stay high next to rival mining countries, and that domestic capital is scarce, with most available funding short and expensive. That is a problem for an industry needing patient money for exploration and mine building.
A bigger shift is coming for lithium. Zimbabwe holds Africa’s largest lithium reserves, and the government is pushing producers to process more at home. It has set export quotas, kept a 10 percent tax on lithium concentrate, and ordered a ban on concentrate shipments from January 2027, while requiring miners to commit to building lithium sulphate plants by then. Those rules could change how much of the metal leaves the country in raw form.
To keep output rising, the Chamber wants more exploration, faster approval of prospecting rights and stronger backing for small miners that find new deposits. Kwesu said “capital follows attractive investment destinations” and urged Zimbabwe to catch up with regional rivals. The Chamber holds its annual conference in Victoria Falls from June 17 to 20, under the theme Unlock Value, Maximise Benefit, Sustain Growth.
