The mining sector recorded over US$4 billion in mineral export receipts during the first half of 2026, buoyed by strong international commodity prices that offset early-year production slumps, latest figures show.

According to the 2026 Mid-Term Review, the rally in global commodity markets helped offset operational bottlenecks experienced across several domestic mineral subsectors.

“Although production was typically subdued during the early months of the year, favourable international commodity prices significantly boosted export earnings, compensating for some operational challenges experienced across several mineral subsectors,” Treasury said in the 2026 Mid-Term Review.

The Ministry of Finance added that revenue performance held up well despite severe headwinds in key subsectors, most notably within platinum group metals (PGMs).

The PGM subsector performed poorly during the half-year period following prolonged maintenance shutdowns at major smelter facilities.

It added that export volumes were curtailed by the government’s implementation of its progressive value-addition and beneficiation policy.

The government’s value-addition and beneficiation policy effectively banned the export of raw chrome ore and lithium concentrates.

Treasury revised the full-year 2026 growth forecast for the mining sector to 5.6 percent, on account of anticipated increase in production of gold, PGMs, coal, and lithium production, underpinned by favourable international mineral prices and continued investment in the sector.

In 2026, gold output is projected to increase to 55.6 tonnes from the initial projection of 50 tonnes, mainly due to sustained high international gold prices driven by safe-haven demand, as well as significant investments by major gold producers.

Cumulative gold output for the first half of the year was 21,39 tonnes, representing a 5.2% increase from 20,34 tonnes recorded in the same period in 2025.

PGMs are projected to experience a modest increase in production this year compared to the 2025 production levels, despite a slump in the first quarter of 2026, due to a prolonged smelter maintenance shutdown at one of the major producers.

In terms of export earnings, PGMs generated US$1.2 billion during the first half of 2026, 74.1% above the US$690 million earned in the corresponding period of 2025.

Coal production is now projected at 8.1 million tonnes, representing a 24% increase from the 2025 output of 7.2 million tonnes.

Treasury said the growth in coal production will be largely driven by sustained demand for thermal coal by thermal power producers, increased supply from the revival of coal mining houses, and stable and increasing demand for coking coal.

The Ministry added that lithium concentrate output is projected to decline by 3% to 2.1 million metric tonnes this year, from 2.2 million metric tonnes recorded in 2025.

This is despite lithium products export earnings growing by 229.8% to US$782.2 million during the first half of 2026, from US$237.2 million in the first half of 2025.

Spodumene concentrates earned US$671.7 million on volumes of 520 940 tonnes, 11.1% lower than 2025, yet earnings up 208%, reflecting substantially firmer realised prices.

The developments come as the mining sector generated a record US$7.3 billion in export earnings last year, compared to US$5.9 billion in 2024.

Mining remains the mainstay of Zimbabwe’s economy, generating nearly three-quarters of national export receipts and contributing at least 14% to gross domestic product.