Zimbabwe moves to capitalise on mineral wealth

Zimbabwe has taken major strides to harness its vast mineral wealth in order to meet rising global demand for critical minerals, Minister of Finance and Economic Development Professor Mthuli Ncube has said.

Prof Ncube made the remarks while attending the 2026 World Economic Forum (WEF) in Davos, Switzerland, where he led Zimbabwe's delegation alongside Foreign Affairs and International Trade Minister Professor Amon Murwira.

Speaking in an interview on the sidelines of the global gathering, Prof Ncube said Zimbabwe had successfully rolled out policy measures aimed at maximising economic returns from its mineral resources, particularly through value addition and beneficiation.

"We are seeing increased demand for critical minerals, such as lithium and other rare minerals," he said.

"So here at WEF we are able to contribute to some of those discussions, especially around critical minerals, and how, for example, we have successfully put in policies for beneficiation to maximise the benefits of these critical mineral facilities."

The Finance Minister noted that the surging global appetite for minerals such as lithium has already translated into increased investment in beneficiation infrastructure within Zimbabwe.

Zimbabwe is projected to become Africa's leading lithium producer by 2030, driven by accelerating global demand linked to the expansion of electric vehicles and battery storage technologies as the world transitions towards clean energy.

Under the National Development Strategy 2 (NDS2) implementation period covering 2026–2030, Government has placed strong emphasis on lithium beneficiation, building on progress achieved during NDS1 (2021–2025).

"A case in point is lithium, where we have seen investment in lithium beneficiation facilities by foreign investors," Prof Ncube said.

"All of this has been welcomed in terms of our contribution to the discussions here in Davos."

On the sidelines of the WEF, Prof Ncube held a series of high-level engagements with international investors and development partners. Among them was a meeting with LG Sonic chief executive officer Yousef Yousef, where discussions centred on a proposed €20 million facility to support the rehabilitation of Lake Chivero and sewer reticulation systems in Harare.

In a statement, the Treasury said the engagement focused on "advanced, science-based solutions for the treatment and restoration of Lake Chivero, one of Zimbabwe's most critical water bodies supplying Harare and surrounding areas."

The Finance Minister also met the President of the Arab Bank for Economic Development in Africa (BADEA), Mr Abdullah Kh Almusaibeeh, with talks aimed at strengthening cooperation between Zimbabwe and the Arabian development lender.

The discussions focused on key sectors including infrastructure, energy, agriculture, industrialisation and social development.

"Zimbabwe has already benefited significantly from this partnership through bilateral development financing, the regional SADC–BADEA cooperation framework, and investment promotion platforms that have supported the country's progress under NDS1," the ministry said.

"As Zimbabwe advances the implementation of NDS2, the deepening of this strategic partnership is set to further accelerate national development, reinforce regional integration, and unlock new opportunities for mutually beneficial growth."

Prof Ncube also held talks with South Africa's Minister of Finance, Mr Enoch Godongwana, with the two ministers exchanging views on outcomes from recent G20 and SADC Council of Ministers meetings.

The 2026 World Economic Forum was attended by about 65 Heads of State and Government, including United States President Donald Trump, six G7 leaders, and more than 400 senior political leaders from over 130 countries.