Raw minerals ban reaps rewards

The Minerals Marketing Corporation of Zimbabwe says Zimbabwe’s ban on the export of unprocessed minerals has triggered a sharp surge in mineral export earnings, with the state minerals marketer posting nearly US$1 billion in sales in the first quarter of 2026.

Government suspended export of all raw minerals and lithium concentrates on 25 February 2026 to increase value addition and maximise foreign currency earnings from the country’s vast mineral resources.

In a statement released on 13 May 2026, MMCZ says this intervention reshaped export performance, with total mineral sales for the quarter reaching 1.28 million metric tonnes valued at US$983.85 million — a 79% increase in value and a 27% rise in volumes compared to the same period last year.

“The first quarter of 2026 marked a defining moment in Zimbabwe’s mineral governance. On 25 February 2026, the Government of Zimbabwe enacted a ban on the export of unbeneficiated minerals, a bold and consequential policy intervention whose impact was felt immediately and measurably.

“Against this transformative backdrop, MMCZ recorded an outstanding sales performance for the quarter, with total mineral sales reaching 1,288,761 metric tonnes valued at US$983.85 million, surpassing 2025 volumes by 27% and values by 79%. The result positions the Corporation firmly on track to meet and potentially exceed its annual revenue projection of US$3.5 billion.

Lithium emerged as one of the biggest beneficiaries of the new regime, with export revenues more than doubling to US$178.64 million despite modest growth in volumes.

Platinum Group Metals (PGMs) also delivered strong returns, generating more than US$543 million during the quarter as international prices firmed on the back of sustained industrial and clean energy demand.

Steel exports recorded one of the strongest performances after revenues jumped 254% to US$68.22 million, which MMCZ attributed to increased production of value-added steel products and strong regional demand.

Coal and coke exports similarly registered strong growth, buoyed by demand from South Africa, while ferrochrome exports recorded declines in both volumes and values despite improved prices.

Diamonds, however, remained under pressure, with export earnings declining 29% due to falling natural diamond prices and growing competition from synthetic diamonds.

MMCZ warned that escalating geopolitical tensions, particularly the ongoing United States-Iran conflict, could destabilise global commodity markets and increase production costs for energy-intensive minerals in the coming months.

“The global commodity environment entering Q2 2026 is shaped by both significant opportunity and heightened uncertainty. The ongoing USA-Iran conflict remains the most consequential variable for global mineral markets. Disruption to the Strait of Hormuz, through which approximately 20% of global

oil flows, has driven energy costs higher, increasing production costs for energy-intensive metals. Since hostilities escalated, prices for select critical minerals have risen by more than 125%, while base metal prices have increased between 30% and 130%, driven largely by aerospace and defence demand,” reported MMCZ.