Zimbabwe mining sector generates US$2bn in first half

Zimbabwe's mining sector generated approximately US$2 billion in revenue during the first half of the year, reinforcing its position as the country's leading source of foreign currency earnings and a key pillar of economic growth.

Mines and Mining Development Minister Polite Kambamura said the strong performance had laid the foundation for even greater returns in the second half of the year, with export receipts projected to reach between US$6.5 billion and US$7 billion by year-end.

"The first half of the year was about US$2 billion in revenue. Going forward, we are looking at around US$6,5 billion to US$7 billion in export receipts, anchored by minerals such as gold," Kambamura said during a media briefing in Harare on Thursday.

The minister attributed the optimistic outlook to favourable global commodity prices, particularly for gold, as well as improving prospects for platinum group metals (PGMs), which remain among Zimbabwe's most valuable mineral exports.

Gold has emerged as the primary driver of growth within the mining industry, benefiting from strong international prices that have boosted producer earnings and enhanced the country's export potential.

Kambamura said Zimbabwe remains on track to achieve its annual gold production target of 50 tonnes and could potentially exceed that figure as authorities intensify efforts to ensure that all production is channelled through formal marketing systems.

"We have introduced policies to make sure that every ounce of gold is delivered," he said.

"As a ministry, we will be looking at those deliveries with an eagle eye to ensure that every miner who is digging for gold contributes meaningful returns to government."

The government's emphasis on formal gold deliveries comes amid persistent concerns over smuggling and under-reporting, which have historically cost the country significant export earnings and tax revenues.

Authorities have repeatedly identified illicit gold trading as one of the major obstacles to maximising value from Zimbabwe's mineral wealth, prompting a range of measures aimed at improving compliance, strengthening oversight and increasing accountability within the sector.

In addition to gold, Kambamura expressed confidence that improving prices for platinum group metals would further support export growth during the remainder of the year.

"The world market price for gold continues to firm up, while PGM prices are also strengthening," he said.

Mining remains at the centre of Zimbabwe's economic development strategy, accounting for the majority of export earnings and providing critical foreign currency needed to support industrial production, imports and broader economic activity.

The projected increase in export receipts is expected to strengthen foreign currency inflows and boost government revenues at a time when authorities are increasingly relying on the extractive sector to drive economic expansion and investment.

With global commodity markets remaining supportive and production trends continuing to improve, the mining sector appears well positioned to build on its first-half performance and further consolidate its role as the backbone of Zimbabwe's export economy.