Why Did It Take This Long? Zimbabwe's Mineral Export Ban Is Overdue, But Welcome

For the first time in my lifetime, Zimbabwe is on an accelerated growth trajectory.


I do not make that statement lightly. As a former investment analyst and investment banker whose focus was cyclical, export-oriented companies, I spent years evaluating how economies rise, stall or transform. The pattern is consistent, nations that export raw materials remain price takers, exposed to global commodity cycles, while those that process, refine and manufacture move up the value chain and capture durable wealth. That is why the Government of Zimbabwe’s decision to ban the export of raw minerals, including lithium concentrates, is both economically rational and long overdue.

For decades, Zimbabwe has exported mineral wealth in raw or semi-processed form, effectively surrendering the most profitable stages of production to foreign industries. Lithium now central to the global energy transition has been mined locally, shipped abroad, refined elsewhere and sold back into global markets as high-value battery materials. From an investment perspective, this model has always limited national upside. It generated foreign currency inflows, yes, but it did not create industrial ecosystems, deepen engineering expertise, or establish manufacturing clusters capable of compounding growth over time.

In capital markets, cyclical export economies are vulnerable by design. They rise when global prices are high and contract when prices fall. Without downstream industries, growth remains episodic rather than structural. Zimbabwe is not resource-poor, it has been industrially under-leveraged. The economics of value addition have never been in doubt. A tonne of lithium concentrate captures only a fraction of the value embedded in refined lithium chemicals and an even smaller fraction of the value contained in battery components and energy storage systems. The delay in acting was not due to ignorance, but caution fear of disrupting export revenues, concerns about deterring investment, infrastructure gaps, particularly in energy and policy hesitancy.

However, global conditions have shifted. Strategic minerals are no longer just commodities, they are geopolitical and industrial assets. Countries are reorganising supply chains and prioritising domestic processing. In that context, Zimbabwe’s decision is not extreme it aligns with a broader global reconfiguration of resource strategy.

Yet a ban alone does not create industry. Policy clarity must now translate into execution. Manufacturers both local and international should seize this opportunity to build Zimbabwe’s processing and manufacturing base. Lithium sulphate and carbonate plants must follow. Precursor and cathode material facilities must be developed. Technical training must expand. Energy infrastructure must be stabilised and scaled. Capital must be channelled into productive industrial assets rather than short-term extraction.

If implemented with discipline and consistency, this decision could make a structural turning point. For too long, African economies have exported raw materials and imported finished goods at a premium. That model constrains capital formation and limits technological depth. Zimbabwe now has a narrow but powerful window to reposition itself higher up the energy value chain.

As someone who has analysed export cycles and capital allocation decisions professionally, I believe the long-term returns from beneficiation and manufacturing far outweigh the volatility of raw commodity dependence. It took time to reach this decision. What matters now is speed of execution.

Zimbabwe’s minerals must build Zimbabwe’s industries.

By Engineer Jacob Kudzayi Mutisi+263772278161