CAPITAL injection into refining and processing facilities will accelerate the country’s bid to become a leader in the global mineral export market, a government official has said.
The mining industry is one of Zimbabwe’s major economic sectors, accounting for more than 75% of foreign exchange earnings, as well as contributing significantly to government revenues, employment and infrastructural development.
According to the Chamber of Mines of Zimbabwe (CoMoZ), revenue projections show that mineral revenue for 2025 will increase by around 10% to approximately US$6 billion from about US$5,5 billion in 2024.
Thus, capital needs to be targeted at scaling up mining operations, with CoMoZ reporting that capex for the industry next year is US$600 million.
Speaking at the two-day Procurement Regulatory Authority of Zimbabwe (Praz) annual conference that ended yesterday in Victoria Falls, Industry and Commerce ministry’s commerce and consumer affairs chief director Douglas Runyowa said Zimbabwe’s vast mineral resources presented an export potential boost.
“Zimbabwe’s abundant mineral resources present a significant opportunity for the country to increase export earnings and drive economic growth,” he said.
“By developing a comprehensive strategy that combines raw mineral exports with value-added processing, exploration and development and responsible mining practices, Zimbabwe can position itself as a major player in the global mineral export market.
“By investing in refining and processing facilities, Zimbabwe can transform raw minerals into higher-value products like gold bars, platinum catalysts, lithium battery components and ferrochrome used in stainless steel production.”
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Runyowa added that the strategy could capture a greater share of the profits in the global mineral commodity chain.
Zimbabwe’s most valuable mineral resources are gold, platinum, lithium and chrome, among others.
Over the past two years, the government has been pushing for mineral value addition to generate more revenue.
CoMoZ’s Mining Industry Prospects for 2025 incorporating The State of the Mining Industry Survey Report, released last week, showed only two platinum producers were value-adding and practising beneficiation in the platinum group metals (PGMs) segment.
“Beneficiation and value-addition in the PGMs sector Information gathered from platinum producers show that two of the current active producers are exporting PGMs matte, while one producer is exporting PGMs concentrates,” CoMoZ said.
“As agreed with government, Zimplats is progressing in constructing additional smelters and refurbishment of its base metal refinery. Respondent PGMs executives indicated that they remain committed to beneficiate their material in country with their counterpart mining houses with excess capacity.”
In terms of beneficiation and value addition in the lithium sector, CoMoZ said all lithium producers indicated that they were exporting lithium concentrates in line with the current government policy.
“Respondents in the lithium sector indicated that they agreed with Government for the establishment of beneficiation facilities that result in the production of lithium sulphate,” the chamber said.
“The lithium producers further highlighted that they are currently working with the Ministry of Mines in developing a lithium beneficiation road map that will see the construction of the beneficiation facilities within reasonable timelines in line with best practice beneficiation project lifecycle.”
