Zimbabwe’s mining sector is a central pillar of the economy, showing resilience against global price swings and local challenges. In 2024, the industry grew by 2.3% and earned over US$5.3 billion from exports. Gold output climbed to 36.48 tonnes, with small-scale miners providing more than sixty-five percent of production. This performance demonstrates how artisanal mining supports employment, industrial development, and foreign currency inflows for the country.
Export revenues could rise to US$6 billion, reinforcing mining as Zimbabwe’s largest foreign currency earner. The first quarter showed strong momentum, with gold deliveries up 35% year-on-year and coal output increasing by 61%. These results highlight the sector’s ability to grow, even as it struggles with energy shortages, currency instability, and weak infrastructure.
Projections for 2026 point to continued growth, with output rising about 5.9% despite international headwinds. The government is also prioritizing beneficiation by establishing refining facilities and industrial hubs. Through local mineral processing, Zimbabwe aims to cut reliance on raw exports, create jobs, and strengthen national economic resilience.
Key drivers of growth include resilient commodity exports, particularly gold, which has stayed strong even when global markets fluctuated. Platinum and lithium prices have weakened, but strong gold prices balanced the overall performance. Small-scale miners remain essential in gold and lithium output, supporting both state revenues and local communities. Meanwhile, beneficiation policies help the country retain more value instead of exporting unprocessed minerals.
However, serious obstacles continue to slow growth. Energy demand from mining far exceeds supply, forcing companies to depend on costly diesel generators. Currency depreciation and strict foreign currency retention policies squeeze profitability, discouraging further investment. Companies like RioZim and Bindura Nickel struggle with capital shortages, leaving some assets idle. Without reforms, these weaknesses risk slowing the sector’s otherwise promising growth path.
Overall, Zimbabwe’s mining sector is on a recovery path with strong potential through 2025 and 2026. At the same time, shortages of energy, unstable currency, and weak financing remain serious challenges.