Zimbabwe Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in zimbabwe, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Mining and Minerals
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Zimbabwe’s mining sector is highly diversified, with close to 40 different minerals. Key minerals include platinum group metals (PGM), chrome, gold, coal, lithium, graphite, and diamonds. The country holds the world’s second-largest platinum deposit and high-grade chromium ores, with approximately 2.8 billion tons of PGM and 10 billion tons of chromium ore. The mining sector contributes about 14.5 percent to Zimbabwe’s gross domestic product (GDP) and accounts for 75 percent of national exports. The Reserve Bank of Zimbabwe (RBZ) reported $5.9 billion in mineral exports in 2024, up from $5.4 billion in 2023, and the Chamber of Mines projects exports to grow to $6.2 billion in 2025.

Foreign currency retention requirements have posed challenges for mineral exporters, particularly when the parallel-market exchange rate diverges significantly from the official rate, leading to smuggling. In February 2025, the government reduced foreign exchange retention for all exporting companies from 75 percent to 70 percent. Zimbabwe’s draft Mines and Minerals Bill, published in June 2025, proposes positive updates to mining laws, including the establishment of an electronic cadastre system. However, concerns remain over foreign investment due to discretionary ministerial powers, unclear provisions on strategic minerals, and constitutional inconsistencies.

All minerals must be exported through the state-owned Minerals Marketing Corporation of Zimbabwe (MMCZ), except gold, which must be sold to Fidelity Printers and Refiners (FPR), a subsidiary of the RBZ.

Leading Sub-sectors

Zimbabwe’s Chamber of Mines projects significant growth in the mining sector in 2025, driven primarily by the gold industry, which is expected to benefit from rising prices and increased output. The diamond, coal, platinum group metals (PGM) and chrome subsectors are also projected to grow significantly. The Reserve Bank of Zimbabwe (RBZ) reported that gold deliveries rose to 20.1 tons by the end of June 2025, up from 13.85 tons during the same period in 2024.

Despite this growth, challenges persist, including suspected widespread smuggling, fuel shortages, and outdated technology. The RBZ periodically allows large-scale companies to export a portion of their gold under favorable conditions, such as higher foreign currency retention thresholds and direct export of bullion. A 2022 report by the Center for Natural Resource Governance estimated that Zimbabwe loses as much as $1.9 billion annually due to illicit financial flows in the artisanal mining sector.

Zimbabwe’s lithium deposits are the largest in Africa and the sixth largest in the world, according to the African Mining Market. In 2022, Zimbabwe banned the export of lithium ore to force miners to process more domestically. In June 2025, the government announced plans to ban the export of lithium concentrates starting in 2027 to further encourage local processing. Lithium sulfate plants are under development at Bikita Minerals, owned by Sinomine, and Prospect Lithium Zimbabwe, owned by Zhejiang Huayou Cobalt Resources. The sector has attracted investors in battery minerals from Canada, the United Kingdom, and Australia, although China remains the dominant player. 

Opportunities

In addition to direct investment in mining, significant opportunities exist for U.S. companies to supply heavy underground mining machinery, transportation infrastructure, and materials, including railways. There is also demand for bespoke power generation solutions to support mining operations.
The government’s renewed focus on increasing domestic beneficiation of mineral products will require larger capital investments in the mining sector. This shift represents a departure from the current business model, which relies heavily on exporting unprocessed or semi-processed natural resources. 

Resources

Chamber of Mines of Zimbabwe
20 Mount Pleasant Drive, Mount Pleasant, Harare.
Tel: +263 242334517 / 242334507

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