Lithium Powers Zimbabwe’s Mineral Export Boom to US$4.7bn

Zimbabwe’s mineral export sales more than doubled in the first nine months of 2026, reaching US$4.735 billion with lithium overtaking platinum group metals (PGMs) as the country’s biggest revenue earner.

Minerals Marketing Corporation of Zimbabwe (MMCZ) general manager Dr Nomusa Moyo said mineral export sales had increased by 101.8% compared with the US$2.347 billion recorded during the same period last year.

Speaking to journalists in Masvingo, Dr Moyo said the increase represented an additional US$2.388 billion in mineral export earnings.

In volume terms, mineral sales increased by 23.4% from 3.840 million tonnes in the first nine months of 2025 to 4.738 million tonnes during the same period this year.

September alone recorded mineral export sales of US$685.03 million, representing a 116.6% increase from the same month last year.

Lithium emerged as the leading contributor to mineral export earnings generating about US$2.159 billion from sales of spodumene, petalite and lithium sulphate.

The figure accounted for 45.6% of total mineral export sales, ahead of PGMs which generated approximately US$1.729 billion, or 36.5% of total sales.

“Lithium therefore led by approximately $430 million,” Dr Moyo said.

She attributed lithium’s strong performance partly to government-led beneficiation initiatives and investments by producers.

“Lithium sulphate sales alone generated $190.52 million. This demonstrates the contribution that further processing is beginning to make to export earnings,” she said.

Spodumene was the largest individual contributor generating about US$1.812 billion, an increase of 368.2% from the corresponding period last year.

Its average realised sales value rose sharply to about US$1 483 per tonne compared with US$387 per tonne last year.

Petalite sales increased by 583.3% to US$155.29 million while lithium sulphate generated US$190.52 million from about 33 807 tonnes.

There were no recorded lithium sulphate sales during the corresponding period in 2025.

PGM sales also recorded strong growth rising by 31.6% to approximately US$1.63 billion while concentrate sales increased by 69.8% to US$465.56 million.

Dr Moyo said higher realised prices had supported the growth in lithium sales although maintenance work at Zimplats affected production and dispatches in September.

Other minerals, including high-carbon ferrochrome, chrome concentrate, steel, coke, granite and diamonds also recorded increases in value and volumes.

She attributed the overall growth to increased mineral beneficiation, higher global commodity prices, the development of new markets, increased production and efforts to curb mineral leakages.

However, Dr Moyo warned that the outlook for the final quarter of the year remained mixed across mineral markets.

Demand for lithium is being supported by the battery and energy-storage sectors but buyers have become more selective while surplus feedstock and cautious restocking could limit a recovery in prices.

“The outlook is firmer for platinum than for palladium and rhodium with demand and prices expected to remain differentiated and volatile,” she said.

Chinese smelter requirements and restocking are expected to support demand for chrome ore although ferrochrome buyers remain cautious.

Regional demand for metallurgical coke remains supportive while the rough diamond market continues to face subdued buying conditions.

Overall, commodity prices are expected to remain significantly higher than 2025 levels during the final quarter of 2026.

Dr Moyo said MMCZ would focus on helping producers access international markets while strengthening accountability around Zimbabwe’s mineral resources.

“Our priority is to support producers in reaching markets while strengthening the accountability that protects Zimbabwe’s mineral value,” she said.

The corporation will continue monitoring global demand, realised sales values and operational constraints as producers pursue exports and greater value addition.

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