The Minerals Marketing Corporation of Zimbabwe (MMCZ) has recorded a historic first quarter performance for 2026, posting mineral sales valued at US$983.85 million following the Government’s implementation of a ban on the export of unbeneficiated minerals.
According to the corporation, total mineral sales for the first quarter reached 1,288,761 metric tonnes, representing a 27 percent increase in volume and a 79 percent rise in value compared to the same period last year. The strong performance places the corporation on course to meet or potentially surpass its annual revenue target of US$3.5 billion.
The export ban, which came into effect on 25 February 2026, marked a major policy shift by the Government aimed at accelerating beneficiation and value addition within Zimbabwe’s mining sector. MMCZ said the policy intervention had an immediate impact on mineral trade performance and export earnings.
Platinum Group Metals emerged as one of the strongest performing mineral categories during the quarter, contributing US$543.97 million in export revenue from concentrates and matte. PGM concentrate sales nearly doubled in volume to 30,178 metric tonnes while value surged by 319 percent to US$191.73 million. Matte sales generated US$352.24 million despite lower export volumes, reflecting improved global prices for the minerals.
Lithium also delivered significant gains, with exports reaching 240,826 metric tonnes valued at US$178.64 million, more than doubling the value recorded during the same period in 2025.
MMCZ General Manager Dr Nomusa Jane Moyo said the Government’s restrictions on lithium concentrate exports had strengthened Zimbabwe’s strategic position in the global battery value chain through increased domestic processing. She said Zimbabwe now supplies about 15 percent of spodumene imported into China and is positioned to become a major vertically integrated player in battery mineral processing.
The steel sector recorded one of the highest growth margins during the quarter after sales rose by 150 percent in volume and 254 percent in value to US$68.22 million. MMCZ attributed the growth to increased production of value added steel products and growing regional demand.
Coal and coke exports also registered strong growth, with export volumes rising by 30 percent to 491,318 metric tonnes valued at US$50.77 million. The corporation said regional demand, particularly from South Africa, continued to sustain the sector.
However, the diamond sector remained under pressure as sales declined by 29 percent in value to US$21.55 million. MMCZ attributed the decline to production challenges and weakening global prices caused by competition from lab grown diamonds.
Looking ahead, MMCZ warned that global mineral markets remain exposed to geopolitical tensions, particularly the ongoing USA-Iran conflict, which has increased energy costs and pushed up prices of critical minerals and base metals globally.
