Zimbabwe to Focus on Mineral Exports

(3 Minutes Read)

According to data from the Reserve Bank of Zimbabwe, gold exports recorded a remarkable increase of 37 per cent to USD 2.5 billion in 2024, from USD 1.8 billion in 2023 largely driven by higher production volumes.

Zimbabwe‘s mineral exports increased by 7,8 per cent to USD 5.9 billion in 2024 compared to USD 5.4 billion in 2023, the latest data show.

According to data from the Reserve Bank of Zimbabwe, gold exports recorded a remarkable increase of 37 per cent to USD 2.5 billion in 2024, from USD 1.8 billion in 2023 largely driven by higher production volumes.

Zimbabwe’s mining sector is highly diversified, with close to 40 different minerals.  The predominant minerals include platinum group metals (PGM), chrome, gold, coal, lithium, and diamonds.  The country boasts the second-largest platinum deposit and high-grade chromium ores in the world, with approximately 2.8 billion tons of PGM and 10 billion tons of chromium ore.

The sector accounts for about 12 per cent of the country’s gross domestic product (GDP) and 80 per cent of national exports.  The Minister of Mines had claimed the sector had the potential to generate USD 12 billion annually by 2023 if the government addressed challenges such as persistent power shortages, foreign currency shortages, and policy uncertainties.

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The Chamber of Mines reported the mining industry generated USD 5.6 billion in 2022 compared to USD 5.1 billion in 2021, and it projected 10.4 per cent sector growth in 2023.